Media reports said Chen Zhi, chairman of Prince Group and identified as being behind a large criminal compound in Cambodia, is estimated to have $60 billion (about 87.95 trillion won) in asset.
On the 12th (local time), the British daily The Times reported an article that closely examined Chen Zhi's activities and said so. Singaporean Cliff Teo, who worked with Chen for a long time before turning whistleblower, said that when he asked Chen about the size of his asset, he got the answer "$60 billion."
The Times reported, "Chen Zhi is closely linked to the Cambodian government and Chinese intelligence authorities and is believed to have asset comparable to Latin American drug lords."
Earlier, the United Kingdom and the United States announced sanctions against Prince Group, its affiliates, and Chen Zhi, saying last month that they had identified their criminal activities through joint efforts.
According to the two governments, Chen Zhi's largest source of income is a network of online scam centers. In at least 10 centers in Cambodia, thousands of people are reportedly being confined and carrying out scams by phone or on social media.
Prince Group is believed to have made huge sums of money through this. The U.S. Treasury Department is said to have seized Bitcoin worth $13 billion (about 19 trillion won) last month.
The Times estimated that Chen Zhi's relationship with Chinese intelligence officials likely began in 2015. It is also reported that a U.S. prosecutors' indictment states Chen provided bribes, including cash and watches worth millions of dollars, to Cambodian politicians and officials of the Chinese Ministry of Public Security and the Ministry of State Security.
However, Chen Zhi and the Chinese authorities did not continue a close relationship. In 2020, Chinese police announced the establishment of a task force (TF) to investigate Prince Group, and a group-affiliated bank in Taiwan also began demanding stricter paperwork.
Chen Zhi then turned his attention to the United States or the United Kingdom. His U.S. visa was denied, but he reportedly entered London with his family on the U.K.'s investor visa, which has since been scrapped over national security concerns, and operated there for five years.
Prince Group said, "We firmly deny the claim that the group and Chairman Chen were involved in illegal activity," adding, "The recent allegations are baseless and are an attempt to justify the unlawful seizure of asset."