Cambodia freezes Prince Group casino assets
Cambodian authorities have disclosed court-ordered freezes affecting nearly $1 billion in assets linked to Prince Group, including casino premises. The measures form part of investigations into alleged organized fraud and money laundering involving the group’s founder, Chen Zhi, and associates.
Senior Minister Chhay Sinarith outlined the investigation in an October 21 interview with The Phnom Penh Post, subsequently published by The Star. He said investigators had identified 198 connected companies, comprising 98 registered in Cambodia and 100 operating overseas.
Investigators allege that buildings and casino premises operated under affiliated companies were used to conceal online scam activities. The frozen assets include more than $300 million held in bank accounts, alongside real estate and movable property linked to the case.
The court orders preserve assets while investigators pursue suspects and examine ownership
The freezes do not amount to final confiscation. Authorities are reviewing the legal grounds for managing the properties during proceedings, with potential arrangements including temporary state administration or permanent state ownership subject to further judicial decisions.
Cambodian courts have issued arrest warrants for 32 accused individuals and placed four others under judicial supervision. Authorities have also begun procedures to request INTERPOL Red Notices for at least 29 people believed to have fled overseas. Sinarith said investigators were exchanging intelligence with international partners, including the U.S. Federal Bureau of Investigation and China’s Ministry of Public Security.
The disclosures come amid broader investigations into businesses allegedly sheltering online scams. Officials identified 28 casino locations as implicated in criminal activity during the wider campaign, with inquiries continuing into suspected illegal operations conducted behind licensed businesses.
