Once celebrated as a philanthropist and real estate magnate, Cambodian tycoon Chen Zhi built a web of political influence and banking relationships that helped shield what authorities now describe as a vast transnational scam and gambling syndicate, according to an in-depth Bloomberg report. 

The news agency outlines how Chen, his associates, and his conglomerate Prince Group funneled the illicit proceeds of so-called “pig-butchering” scam hubs into hundreds of accounts maintained by financial institutions, including Deutsche Bank AG, Bank J. Safra Sarasin AG, Singapore’s Oversea-Chinese Banking Corp., and its Bank of Singapore private-banking arm. 

Money from the scheme also flowed through Taiwanese and South Korean banks to purchase property and cryptocurrency, as well as digital bank Revolut and Malaysia’s largest lender, Malayan Banking Bhd., Bloomberg said. 

Some of the institutions detected suspicious transaction patterns, triggering alerts and dozens of suspicious transaction reports filed with authorities in Taiwan and Singapore, while several institutions eventually closed accounts after judging Chen too risky a client, according to the report. 

But compliance gaps helped Chen preserve access to the banking system, Bloomberg said. Because banks had few mechanisms to warn one another, and authorities receiving suspicious transaction reports did not broadly notify other institutions, Chen and his companies were able to shift to new banks even after red flags emerged. 

The pressure campaign against Chen intensified in October 2025, when the U.S. and UK sanctioned him, Prince Group, Prince Bank. and related entities. Authorities across Asia later identified or seized more than $1 billion in bank accounts and other assets tied to Chen and Prince, while Cambodia’s central bank announced the liquidation of Prince Bank after his arrest, Bloomberg said. 

Read more at Bloomberg