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16h ago

Cambodia Arrests Tycoon Chen Zhi, Extradites Him to China After Citizenship Revoked

U.S. prosecutors continue charges tied to a record bitcoin seizure, with Chinese law casting doubt on any transfer to a U.S. court.

Vehicles drive past the Prince International Plaza in Phnom Penh on October 15, 2025. US authorities on Tuesday unsealed an indictment against Chen Zhi (inset), a UK-Cambodian businessman accused of running forced labor camps in Cambodia where trafficked workers carried out cryptocurrency fraud schemes that netted billions of dollars. The 37-year-old, known as Vincent, founded Prince Holding Group, a multinational conglomerate that authorities say served as a front for "one of Asia's largest transnational criminal organizations," according to the US Department of Justice. (Photo by TANG CHHIN SOTHY/AFP via Getty Images)
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FILE - People from China, Vietnam and Ethiopia, believed to have been trafficked and forced to work in scam centers, sit with their faces masked while in detention after being released from the centers in Myawaddy district in eastern Myanmar, Feb. 26, 2025. (AP Photo/Thanaphon Wuttison, File)
FILE - People from China, Vietnam and Ethiopia, believed to have been trafficked and forced to work in scam centers, sit with their faces masked while in detention after being released from the centers in Myawaddy district in eastern Myanmar, Feb. 26, 2025. (AP Photo/Thanaphon Wuttison, File)

Overview

  • Cambodia’s Interior Ministry said Chen Zhi, Xu Ji Liang and Shao Ji Hui were detained on Jan. 6 and sent to China following months of joint investigation requested by Beijing.
  • The ministry said Chen’s Cambodian nationality was revoked by royal decree in December 2025 before his handover to Chinese authorities.
  • U.S. officials in October charged Chen with wire fraud and money laundering conspiracies and seized about 127,271 bitcoin, described as the Justice Department’s largest forfeiture action.
  • The U.S. and U.K. sanctioned Prince Group as a transnational criminal organization, and authorities in Singapore, Taiwan and Hong Kong froze or seized large assets, including high‑value London properties.
  • Prince Group has denied wrongdoing and retained Boies Schiller Flexner, while uncertainty remains over any U.S. bid to obtain custody given China’s stance on extraditing its citizens.