Phnom penh: Chen Zhi, the founder of Prince Group, has been arrested in Cambodia and extradited to Chinese authorities on charges of fraud and money laundering involving over US$10 billion from multiple countries.
According to Thai News Agency, the Cambodian Interior Ministry announced the arrest of Chen Zhi along with two other Chinese nationals, Xu Jiliang and Shao Jihui. Their extradition to China was executed as part of a collaborative effort with the Thai government to combat online fraud. It was disclosed that the Cambodian government had revoked Chen Zhi's Cambodian citizenship in December 2025, which he had acquired in 2014, to facilitate his extradition to China as a Chinese citizen.
Vincent Chen, also known as Chen Chih, is the owner of Prince Holding Group, a major Cambodian conglomerate comprising over 100 businesses across various sectors. Despite his business success and close ties with high-ranking Cambodian politicians, Chen Zhi faces serious accusations. He is alleged to have orchestrated a criminal network that exploited individuals globally through scams, including cryptocurrency investments and "love scams," leading to billions of dollars in damages.
A U.S. Department of Justice report implicates Chen Zhi in ordering violence and torture against workers who did not meet performance targets. Last October, the Department indicted him as the mastermind of a fraud network in Cambodia, resulting in the seizure of approximately $14 billion worth of Bitcoin.
In response to these activities, British authorities have seized assets linked to his network, including a luxury mansion and an office building in London. Hong Kong police and Taiwanese authorities have also seized significant assets, including money and luxury vehicles, connected to Chen Chih's operations.
Analysts suggest that the Cambodian government's decision to extradite Chen Zhi was influenced by international pressure, particularly from the United States and the United Kingdom, following sanctions imposed on him. This extradition serves as a stark warning to other influential figures in the region regarding the limits of political immunity. In China, Chen Zhi may face severe penalties, including the possibility of the death penalty.