A Cambodian businessman stands accused of heading a global scam syndicate, according to the Associated Press.
Chen Zhi founded Prince Holding Group, a Cambodia-based business conglomerate. However, he allegedly made most of his fortune through cyber scams. He was formally charged with wire fraud and money laundering by the U.S. government on Oct. 14.
Authorities from the U.S., the U.K., Taiwan, Hong Kong, and Singapore have seized assets in their respective jurisdictions belonging to the business tycoon. Notably, he purchased 26 cars, 11 apartments in Taipei, a luxury condo in Tokyo (per the South China Morning Post), and a yacht.
According to the indictment, the yacht was bought for $3 million in 2019 for a senior official in a foreign government. It was listed in a ledger that tracked bribes and luxury gifts to public officials. The kingpin and his associates were also accused of using the millions they made from scamming to purchase several private jets.
Superyachts and private jets are popular symbols of power among the uber-wealthy and are typically among the assets seized when scams are uncovered or as part of sanctions.
Take Andrey Melnichenko, for instance. Italian authorities seized the Russian oligarch's superyacht back in 2022 after Russia invaded Ukraine.
"Melnichenko belongs to the most influential circle of Russian businesspeople with close connections to the Russian Government. He is therefore involved in economic sectors providing a substantial source of revenue to the Government of the Russian Federation, which is responsible for the annexation of Crimea and the destabilisation of Ukraine," the European Union wrote in its council decision, which a spokesperson for Melnichenko said would be disputed, per the Guardian.
While the fact that these vessels are major polluters has nothing to do with their seizures, this reality is nonetheless challenging to ignore. A recent Oxfam report found that in 2019, the top 1% of the world's richest produced pollution equivalent to that of 66% of humanity's poorest. Private jets and superyachts are partly to blame. A superyacht on standby — like those recently seized — generates over 8,000 tons of carbon dioxide annually. Such high levels of pollution further warm the atmosphere, exacerbating extreme weather events that destroy ordinary people's lives.
While Zhi's assets have been seized, his whereabouts are unknown at the time of writing. As of November 2025, the U.S. and U.K. governments have levied sanctions against Zhi, his associates, and Prince Holding Group, per the Associated Press.
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