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3w ago

Cambodia Extradites Accused Scam Boss Chen Zhi to China as Regulator Moves to Liquidate Prince Bank

The handover to Beijing complicates US prosecution prospects, raising questions over cross‑border recovery after a record bitcoin seizure.

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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Exterior of the building that the website of Prince Holding Group on Jan. 8, 2026, listed as its headquarters in Phnom Penh, Cambodia. (AP Photo)

Overview

  • Cambridge’s interior ministry said Chen Zhi and associates Xu Ji Liang and Shao Ji Hui were arrested Jan 6 and transferred to China at Beijing’s request following months of joint investigations.
  • Chen’s Cambodian citizenship was revoked by royal decree in December 2025, clearing the way for his removal, according to government statements.
  • China confirmed custody of Chen after his arrival, with state media showing him under escort, while authorities signaled further actions against alleged network members.
  • The National Bank of Cambodia placed Prince Bank, a Prince Group unit, into liquidation, suspended new services, and appointed Morisonkak MKA as liquidator; depositors may withdraw funds and borrowers must continue repayments.
  • US prosecutors previously unsealed fraud and money‑laundering charges and announced the seizure of about 127,271 bitcoin linked to the network, as US and UK sanctions targeted Prince Group over alleged forced‑labor cyberfraud operations.