The rise and fall of Chinese tycoon Chen Zhi

For years, well-connected but mysterious tycoon Chen Zhi lived the high life.

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The 38-year-old Chinese billionaire accumulated luxury property around the world, including a mansion in London and designer condos in Singapore. In Cambodia, he built a real estate and business empire that included a bank and a watchmaking school producing luxury timepieces gifted to world leaders.

But Chen's world unravelled in October 2025, when he was accused by the US authorities of operating "one of the largest transnational criminal organisations in Asia".

Alongside Britain, they sanctioned Chen, his associates and related companies. The authorities also accused Prince Holding Group, the conglomerate he founded and chairs, of operating scam centres that laundered billions of dollars stolen from victims worldwide.

For months, there were few signs of Chen even as he mounted a legal counteroffensive against the US charges. Then, in a surprise twist, he was arrested on Jan 6 in Cambodia and extradited to China for investigations.

WHO IS CHEN ZHI?

Chen was born in China's Fujian province in 1987. He became a Cambodian citizen in 2014 and subsequently renounced his Chinese citizenship, although China has since said he is still a Chinese national. He also holds passports from Saint Lucia, Vanuatu and Cyprus.

The since-removed website of his Singapore family office described him as a "young business prodigy" who got his start setting up gaming centres in Fujian province's capital, Fuzhou. He began investing in real estate in Cambodia in 2011, and later founded Prince Holding Group, a Cambodia-based conglomerate whose interests span entertainment, finance and supermarkets.

Chen became politically well-connected in Cambodia, serving as an adviser to the country's former leader, Mr Hun Sen, and his son and current Prime Minister Hun Manet.