Cambodian authorities have arrested and extradited Chinese-born tycoon Chen Zhi—founder of the Prince Holding Group—to China, following allegations linking him to extensive online scam operations.
Chen was handed over to Chinese authorities after a months-long joint investigation, Cambodia’s interior ministry announced Wednesday.
According to U.S. prosecutors, Chen allegedly operated forced labor compounds in Cambodia, where trafficked individuals were detained under harsh conditions to carry out cryptocurrency fraud schemes through the so-called ‘pig butchering’ scams—schemes that create fake investments to defraud global victims.
The U.S. Justice Department alleges these activities generated billions in illicit gains. The criminal network is said to have used deceptive job advertisements to lure foreign jobseekers, mostly Chinese nationals, who were then coerced into participating in fraudulent activities.
Investigations into Chen’s Prince Holding Group intensified in October 2025, after the United States indicted him on charges of wire fraud and money laundering, and imposed asset freezes in coordination with the United Kingdom.
Other jurisdictions in Europe and Asia also moved to confiscate company assets. U.S. prosecutors claim the Prince Group, launched by Chen, functioned as a facade for one of Asia’s most extensive transnational criminal organizations, with operations in over 30 countries under the guise of real estate, financial, and consumer enterprises.
Allegedly, Chen and his senior leadership team leveraged political connections, bribing officials across several nations to shield their operations. In Cambodia, Chen previously served as an adviser to both Prime Minister Hun Manet and former leader Hun Sen.
Chen’s Cambodian nationality was revoked by royal decree in December, the interior ministry noted.
Prince Group has denied all wrongdoing.
If convicted in the U.S., Chen faces up to 40 years in prison with authorities having allegedly seized more than 127,000 bitcoins—valued at over $11 billion in current market prices—connected to the schemes. Experts estimate dozens of scam centers operate across Southeast Asia, with thousands involved, either willingly or as victims of trafficking.
