Prince Group Founder Chen Zhi Arrested in Cambodia and Extradited to China in Major Anti-Scam Crackdown

On January 6, 2026, in a swift operation carried out by the Cambodian police, Chen Zhi, founder and chairman of the powerful Prince Group, was arrested in Phnom Penh before being extradited to China the following day, alongside two other Chinese suspects, Xu Ji Liang and Shao Ji Hui.

Chen Zhi

This decision, announced by Cambodia’s Ministry of the Interior, stems from a joint Sino-Cambodian investigation launched several months ago to dismantle transnational criminal networks, notably the flourishing “scam centers” operating across Southeast Asia. The Cambodian citizenship granted to Chen in 2014 had already been revoked by royal decree in December 2025.

From Chinese Student to Cambodian Tycoon

Chen Zhi, born in 1987 in China’s Fujian province, arrived in Cambodia in 2010 with limited resources, according to his own past statements.

His rise was meteoric: naturalization in 2014, acquisition of a British passport through investment, and the creation of Prince Holding Group as early as 2015. Valued at over US$2 billion, the conglomerate dominates real estate with towers such as Prince Plaza and Bay Mall in Phnom Penh, banking through Prince Bank (with more than one million customers), telecommunications, solar energy, and even golf.

A symbol of success, his Prince Foundation has funded hospitals, schools, and scholarships, reinforcing his philanthropic image. Yet as early as 2019, suspicions emerged regarding alleged links to illegal online casinos.

The Dark Side: A Scam Empire and Forced Labor

On October 16, 2025, the United States Department of Justice (DOJ) indicted Chen for allegedly orchestrating, since 2015, at least ten forced-labor “compounds” in Southeast Asia and elsewhere, housing thousands of victims from China, India, and Africa. These centers allegedly forced captives to carry out sophisticated online fraud schemes, such as “pig butchering” — romance scams involving cryptocurrency — under threat of torture or execution. The proceeds? Up to US$30 million per day, allegedly laundered through the Prince Group.

U.S. authorities seized 127,000 bitcoins (approximately US$15 billion) and froze assets. The U.S. Treasury sanctioned 146 related entities, including Prince Bank, designating them a “transnational criminal organization.” The United Kingdom revoked Chen’s passport and imposed sanctions, followed by South Korea (147 entities frozen), Taiwan, Singapore, and Canada.

Beijing, the primary target of these scams — with losses estimated at US$50 billion in 2024 — has been tracking Chen since 2020 for illegal gambling and fraud. Mass extraditions from Cambodia (more than 2,400 Chinese nationals in 2024) have intensified.

Reactions and Denials

Prince Group has denounced “baseless allegations” used to justify asset seizures, claiming full cooperation with authorities. Raids have taken place: 102 properties seized in Thailand (worth 373 million baht) and accounts frozen in Singapore.

The extradition marks a break with the past immunity long enjoyed by protected Chinese elites. It fits into a broader anti-scam wave, including the extradition of She Zhijiang from Thailand and raids in Myanmar.

Judicial and Geopolitical Outlook

In China, Chen faces serious charges — fraud, money laundering, human trafficking — carrying penalties ranging up to life imprisonment or the death penalty, as evidenced by 95 executions carried out in 2025.

The United States is also awaiting a possible extradition to face federal indictments.

This case sheds light on the “gray zones” of business in Asia, where massive Chinese investments (US$10 billion in Cambodia over the past decade) have allegedly masked illicit trafficking. Phnom Penh, under both U.S. and Chinese pressure, is pivoting toward greater transparency to attract legitimate investors. The future of Prince Group — bankruptcy or takeover — remains uncertain.

Sources

Asia Gaming Brief (asgam.com, 8 janv. 2026) ; Nation Thailand (nationthailand.com, 7 janv. 2026) ; BBC News (bbc.com, 7 janv. 2026) ; CNN International (cnn.com, 7 janv. 2026) ; US Dept. of Justice (justice.gov, 16 oct. 2025) ; ABC News (abcnews.go.com, 7 janv. 2026) ; OCCRP (occrp.org, 6 janv. 2026) ; France 24 (france24.com, 7 janv. 2026) ; Business & Human Rights (business-humanrights.org, 7 janv. 2026) ; Wall Street Journal (wsj.com, 7 janv. 2026) ; Reuters (reuters.com, 7 janv. 2026) ; ABC News Intl (abcnews.go.com/Intl, 6 janv. 2026) ; Channel News Asia (channelnewsasia.com, 6 janv. 2026) ; Asia Financial (asiafinancial.com, 6 janv. 2026) ; US Embassy Thailand (th.usembassy.gov, 14 oct. 2025) ; Straits Times (straitstimes.com, 7 janv. 2026) ; Bloomberg (bloomberg.com, 7 janv. 2026) ; AG Brief (agbrief.com, 7 janv. 2026) ; Contenu complet Nation Thailand ; Contenu complet Asia Gaming Brief.