Chen Zhi’s Cambodian nationality was also revoked by royal decree in December 2025, authorities said.
Chinese-born tycoon Chen Zhi, who was indicted by the United States on fraud and money-laundering charges for running a multibillion-dollar cyberscam network from Cambodia, has been arrested there and extradited to China, Phnom Penh said Wednesday (Jan 7).
Chen allegedly directed operations of forced labour compounds across Cambodia, where trafficked workers were held in prison-like facilities surrounded by high walls and barbed wire, according to US prosecutors.
Since the US indictment and sanctions by Washington and London in October, authorities in Europe, the United States and Asia have targeted Chen’s firm, Prince Holding Group, with a frenzy of asset confiscations.
Chen founded Prince Group, a multinational conglomerate that authorities say served as a front for “one of Asia’s largest transnational criminal organisations,” according to the US Justice Department.
Cambodian authorities “have arrested three Chinese nationals namely Chen Zhi, Xu Ji Liang, and Shao Ji Hui and extradited (them) to the People’s Republic of China”, the country’s interior ministry said in a statement on Wednesday.
The operation was carried out on Tuesday “within the scope of cooperation in combating transnational crime” and according to a request from Chinese authorities “following several months of joint investigative cooperation”, it said.
Chen’s Cambodian nationality was “revoked by a Royal Decree” in December, the interior ministry added.
Chinese authorities did not immediately comment late Wednesday on Chen’s arrest and extradition.
The US Justice Department also declined to comment Wednesday.
US authorities in October unsealed an indictment against Chen, a businessman accused of presiding over compounds in Cambodia where trafficked workers carried out cryptocurrency fraud schemes that have netted billions of dollars.
Chen was charged in absentia with wire fraud conspiracy and money laundering, after he and unnamed co-conspirators allegedly exploited forced labour to dupe would-be investors, using the proceeds to purchase yachts, jets and a Picasso painting.
He faces up to 40 years in prison if convicted in the United States on wire fraud and money laundering conspiracy charges involving approximately 127,271 bitcoin seized by Washington, worth more than US$11 billion at current prices.
Prince Group has denied the allegations.
According to the US charges, scam workers were forced – under threat of violence – to execute so-called “pig butchering” scams, cryptocurrency investment schemes that build trust with victims over time before stealing their funds.
Based on his indictment, Prince Holding Group built at least 10 compounds in Cambodia where workers – often migrants held against their will – were forced to contact thousands of victims through social media or online messaging platforms, build rapport and entice them to transfer cryptocurrency with hopes of big investment returns.
The schemes target victims worldwide, causing billions in losses. More than US$14 billion in bitcoin was seized, with FBI director Kash Patel then calling it “one of the largest financial fraud takedowns in history”.
Chen’s businesses were also sanctioned by US and UK authorities as part of a joint operation against a “transnational criminal organisation”, and among those sanctioned were three individuals from Singapore and 17 entities registered in Singapore.
SEIZURE OF ASSETS
The Singapore Police Force in October last year seized and issued prohibition of disposal orders against financial assets worth over S$150 million (US$115 million), as part of forgery and money laundering investigations into Chen and Prince Group.
The assets included six properties, bank accounts, securities accounts and cash, among others.
Singaporean Nigel Tang Wan Bao Nabil was also arrested last month over suspected money laundering offences linked to Chen. He was reportedly the captain of a superyacht owned by Chen and was one of three Singaporeans sanctioned by the US Treasury Department for their ties to the tycoon.
In November, Hong Kong authorities said they had frozen assets worth HK$2.75 billion (US$354 million) linked to Prince Group, while Taiwanese prosecutors said they had detained 25 people and seized NT$4.5 billion (US$147.09 million) in assets tied to the group.
WHO IS CHEN ZHI AND PRINCE GROUP?
The 37-year-old is the founding chairman of Prince Holding Group, which has interests in various sectors such as real estate, financial services and consumer businesses.
Its key business units are Prince Real Estate Group, Prince Huan Yu Real Estate Group and Prince Bank.
The group boasts over US$2 billion worth of projects in Cambodia, including a large shopping mall, Prince Plaza, in the capital Phnom Penh.
According to media reports, Chen also holds British citizenship.
On the company’s website, Chen is described as a “respected entrepreneur and renowned philanthropist within the Cambodian business community”. It stated that he takes part in various charitable activities through the group’s charitable arm, Prince Foundation.
Source : https://www.channelnewsasia.com/asia/chen-zhi-cambodia-prince-group-scam-extradited-china-5836821
