A portion of these criminal proceeds was routed through Huione Group, a Cambodian financial services conglomerate, before ultimately being exchanged for traditional fiat money and stored in bank accounts. This is illicit capital flight today: money now moves in fragmented, high-speed flows that no longer resemble physical cash, making traditional tracing far more difficult.
In October 2025, Singapore moved against Prince Holding Group, one of Cambodia’s largest conglomerates, whose founder, Chen Zhi, was charged in the US for running a sprawling scam empire which used trafficked workers to carry out large-scale fraudulent activities.
The Prince Group allegedly laundered billions of dollars by funnelling massive volumes across scores of virtual currency addresses, later reconsolidating them into fewer accounts to obscure the funds’ origins.
