Thailand launches probe into asset trail of alleged scam empire operator, Cambodian billionaire Chen Zhi

"If we find that Chen Zhi holds assets in Thailand, we will urgently inform the government to take action," Pheu Thai MP Danuphorn Punnakanta, chair of the House Committee on Anti-Money Laundering and Narcotics, said Wednesday, as reported by The Nation.

"We are trying to locate Chen’s assets because we believe they exist here," he said, adding that there were concerns that delays would allow assets to be transferred abroad.

Chen, a Chinese-born businessman who carries both Cambodian and British passports, has been accused by the U.S. and U.K. governments of running a global cybercrime network from forced-labor "scam compounds" in Cambodia.

The committee has invited anti-money laundering officials and the Interpol to assist in tracing Chen’s financial connections, including possible ties to Thai politicians allegedly linked to scam networks.

Danuphorn anticipates that by week’s end, agency reports will clarify whether the Thai operations of Chen’s company Prince Holding Group has links to its scam network.

He also highlighted concerns about significant gold exports from Thailand to Cambodia, which may be linked to grey businesses and financial crime networks.

While some transactions appear legitimate, the high volume of gold exports raises suspicions of money laundering schemes converting illicit funds into gold for transfer abroad, he added.

"We are monitoring this closely, as it could relate to scam operations or criminal groups relocating their financial bases."

Thailand ranks second globally, after Switzerland, in gold transfers, with significant quantities re-exported to Cambodia, potentially tied to illegal activities disguised as gold recycling.

Thailand’s Cyber Crime Investigation Bureau has said earlier that it was engaging with U.S. authorities to discuss the asset forfeiture process and look into Chen’s connections with criminal activities, Bangkok Post reported.

Singapore police have also confirmed that they are "looking into the case" involving Prince Holding Group, according to Bloomberg.

Chen, 37, who is at large, founded Prince Holding Group in 2015, a conglomerate operating in over 30 countries with interests in real estate, finance, and banking, including Prince Bank in Cambodia.

The U.S. government has seized from his network about 127,271 Bitcoin, worth nearly $15 billion, in what it called the largest asset confiscation in American history.

Investigators allege that Chen’s network lured victims through social-media and messaging-app outreach, promising high-return cryptocurrency investments. Once victims transferred their funds, the money was siphoned off and laundered through complex blockchain techniques.

The Cambodian government, however, said it hoped the U.S. and Britain have sufficient evidence in their pursuit of Prince Holding Group and Chen, saying that the group has met all legal requirements to operate in Cambodia and has been treated no differently than other major companies investing in the country.

Touch Sokhak said Cambodia will cooperate if there is a formal request backed by evidence. "We do not protect individuals who violate the law," he said, but stressed that Cambodia's government itself does not accuse Prince Holding Group or Chen Zhi of wrongdoing, according to The Associated Press.