Prince Group Chairman Chen Zhi’s $15 Billion Telecom Fraud — Is He Xi Jinping’s “White-Glove”?

The crest of the United States Department of Justice (DOJ) is seen at their headquarters in Washington, D.C.

[People News] Recently, multiple outlets reported that the U.S. Department of Justice and Department of the Treasury have indicted Prince Holding Group Chairman Chen Zhi for investment fraud operations across Cambodia. U.S. authorities have seized roughly $15 billion in Bitcoin and are working with foreign partners to pursue Chen Zhi, who remains a fugitive.

According to the DOJ indictment, the Brooklyn Federal Court charged 37-year-old Chen Zhi (also known as “Vincent”) with setting up and personally overseeing scam parks through Prince Holding Group in Cambodia. Although the group claims to engage in real-estate development across 30+ countries, it allegedly operates at least 10 fraud compounds in Cambodia resembling forced-labor camps where victims are lured via social media and online messaging into fake investment schemes.

Journalist Sheng Xue alleges that Chen Zhi is the son of the sister of Guangdong Party Secretary Huang Kunming’s wife.

Former CCP Bangkok agent and X platform blogger “Eric V. (V Brigade Creator @V_brigade_Eric)” revealed that Prince Group has close ties with senior figures in the Ministry of Public Security’s Political Security Protection Department (known as Guobao or MPS First Bureau).

Who Does Chen Zhi Serve as a “White Glove” For?

1. Eric and Falun Gong

Eric, a former CCP agent who participated in persecuting Falun Gong practitioners in Bangkok in 2021, later turned whistleblower. In 2024, Minghui-affiliated site Zhengjian published “Former Agent Appears at Falun Gong Rally Exposing CCP Crimes,” reporting his testimony in Australia about abductions of Falun Gong practitioners and CCP covert operations in Chinese communities. He later posted WeChat recordings showing agent “Brother Long” plotting a kidnapping of Falun Gong practitioner Li Guixin’s family in Thailand.

2. Prince Group and CCP Political Security (Guobao) Connections

Eric wrote on X that many influencers were spinning the story to downplay Prince’s ties to Beijing. He recounted two incidents:

At Chen Zhi’s clubhouse, Chen pleaded with Eric’s former superior “Brother Long” to get favors from the Ministry of Public Security.

When a Prince employee in Thailand stole several hundred thousand baht, managers panicked and tried to hide it from Brother Long — odd if Prince were just a donor. When Eric reported it, Long reacted as if personally involved, showing that Guobao was deeply embedded inside Prince’s operations.

Eric identified “Brother Long” as Chongqing Guobao official Long Qing (b. Apr 1969), Deputy Director of Chongqing Public Security Bureau. Why would Chongqing Guobao officers operate in Bangkok and intervene in Prince affairs?

In 2021 (the year Eric took part in persecutions), Chongqing Public Security was under Hu Minglang and Party Secretary Chen Min’er (later Tianjin Party chief). Journalist Jiang Wangzheng has claimed Chen Min’er handles Xi Jinping’s money. If Long served Chen Min’er, then Prince Group links indirectly to Xi Jinping.

3. Bangkok Housing Contract Clues

Eric also exposed a Bangkok rental contract for a CCP officer living near a Falun Gong practice site on Silom Road — a 147 m² two-bedroom apartment costing 150,000 RMB per year. Given Bangkok’s high rents, this lavish accommodation raises questions about funding sources — possibly linked to scam networks in Myanmar, Thailand, Laos, and Cambodia. Eric says these overseas MPS agents both persecute Falun Gong and protect fraud syndicates.

Prince Group, backed by CCP elites, even collaborated in Palau to influence its government and cut ties with Taiwan. In early 2025, U.S. think tank Pacific Economics reported that the China-linked Prince Group used resort and land projects in Palau for money-laundering, gambling, and fraud serving Beijing’s political goals.

4. CCP Moves to Distance Itself

On Oct 16, NetEase published “Inside the $15 Billion Bitcoin Behind Cambodia’s Prince Group Fraud Empire,” revealing Chen Zhi’s background — age 38 (Fujian Lianjiang native), holder of U.K. and Cambodian citizenship, Cambodian prime minister’s advisor and “duke,” founder of a conglomerate active in 30+ countries with $2 billion in investment and 12 million m² land bank. Hun Sen granted him the “Okhna” title in 2020. By publicizing this, Beijing appears to push blame onto Cambodia — a typical Xi Jinping move of finding a scapegoat, this time Hun Sen.

The U.S. indictment says Prince built at least 10 “fraud factories” nationwide, locking up thousands of victims in industrial parks fronting legitimate businesses. Sixteen types of scams (from fake investment platforms to loan frauds) spanned China, the U.S., and Europe, forming a multi-billion-dollar criminal ecosystem.

Through blockchain analysis, the U.S. DOJ and FBI executed the largest cryptocurrency seizure in judicial history, confiscating 127,271 BTC (~$15 billion). This boosted U.S. government Bitcoin holdings to 325,292 BTC (~$40 billion), making it one of the world’s biggest holders. Analytics firm TRM Labs noted that the $15 billion represents only a fraction of a vast multinational money-laundering infrastructure.△