Inside the Indictment that Exposed Cambodia’s Scam State
What does the indictment of the leader of the Prince Group and the U.S. capture of $15B in crypto mean?
Episode 24 — When the U.S. unsealed its indictment against Cambodian tycoon Chen Zhi, it didn’t just take down one man — it exposed a global scam empire built on trafficking, corruption, and stolen crypto.
Erin West sits down with Jake Sims, an expert on transnational crime and human rights, to unpack the historic $15 billion forfeiture action, what it means for Cambodia’s ruling elite, and why this moment could redefine the global fight against organized cybercrime.
There’s a really good case to say that Cambodia is the top money-laundering country in the entire world — maybe ever in human history. — Jake Sims
Erin and Jake explore the implications of the indictment of Chen Zhi, the political landscape in Cambodia, and the role of organized crime in the region. Their discussion highlights the importance of international cooperation in combating the scam industry and the need for sustained multinational and multiagency collaboration to deter scam states. They talk about the nature of the asset seizure and the potential for future actions against other criminal actors.
Who Is Jacob Sims?
Jacob Sims is a leading expert on transnational crime and human rights in Southeast Asia. He is a fellow at the Harvard University Asia Center, a term member at the Council on Foreign Relations, and a formal advisor to government agencies, think tanks, and NGOs. Sims previously served as a Visiting Expert at the US Institute of Peace. In his leadership roles at the International Justice Mission, he helped spearhead the world’s initial response to the now-global crisis arising from Southeast Asia’s scam economy. His analysis and commentary feature regularly in major media outlets and global thought leadership forums.
Episode Chapters
00:00 — Indictment of Chen Zhi: A Major Development
05:52 — Understanding the Cambodian Political Economy
08:43 — Role of Transnational Organized Crime
11:41 — Impact of Corruption on Cambodia
14:44 — International Response and Future Outlook
34:31 — Indictment and Its Implications
37:58 — Sanctions and Their Effectiveness
42:09 — Cambodia's Role in Global Crime
46:30 — The Naval Base and Airport Concerns
51:17 — Forced Labor and Criminality in Southeast Asia
55:37 — International Leadership and Future Actions
Listen on Spotify, Apple Podcasts, Amazon Music, and other major podcast platforms.
Useful Links
Stolen Episode 12: Inside the Scam State — Cambodia’s Criminal Economy
In his first visit to Stolen, Jake Sims outlines how Cambodia has become the epicenter of next-gen fraud, fueled by a shadow economy of scams, forced labor, and corruption. He breaks down how a multi-billion-dollar scam industry took over half of Cambodia's GDP — and how state actors are profiting.
The U.S. DOJ press release outlines the indictment of Chen Zhi and the largest-ever forfeiture action against approximately $15 billion in Bitcoin.
Sponsors of Stolen
BioCatch prevents financial crime by recognizing patterns in human behavior, continuously collecting 3,000 anonymized data points – keystroke and mouse activity, touch screen behavior, physical device attributes, and more – as people interact with their digital banking platforms. With these inputs, BioCatch's models reveal patterns that distinguish the criminal from the legitimate.
Scamnetic is a leader in AI-powered scam detection and prevention, protecting individuals, businesses, and financial institutions from digital scams. With solutions like KnowScam and IDeveryone, Scamnetic delivers real-time scam insights, identity verification, and intervention. Restoring trust, reducing losses, and empowering organizations to safeguard customers in an increasingly complex digital world.
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