Chen Zhi, founder of the "Prince Group," has been exposed for having over 31 million yuan embezzled by his subordinates.

Chen Zhi, founder of the Cambodian telecom fraud syndicate "Prince Group," currently under investigation by police in multiple countries, was allegedly double-crossed by David Wong, head of a Singaporean family office. Documents show that David Wong was dismissed in July 2021, and Chen Zhi subsequently filed multiple lawsuits between 2021 and 2022 against him for embezzling S$5.84 million (approximately RMB 31.91 million) from bank accounts, resulting in over 80 related legal documents. Reports indicate that Chen Zhi and David Wong collaborated since 2017, establishing the family office "DW Capital Holdings" in Singapore. During this period, they rapidly expanded through the purchase of luxury properties and business investments, obtaining Singapore's tax-free status. In 2021, when Chen Zhi restructured the office, he discovered that David Wong had repeatedly failed to submit financial documents, and there were unusual account transfers, with some recipients having names similar to his personal company. Chen Zhi subsequently removed him from management and found the office emptied. In late 2022, the Singapore High Court issued a default judgment ordering David Wong and his affiliates to pay over S$12 million in debts; he has since filed for bankruptcy. Chen Zhi and his financial assistant Chen Xiuling have been placed on the US sanctions list, and Singapore authorities have seized Prince Group's assets in Singapore and terminated related family office tax benefits. (Red Star News)