Cambodia extradites billionaire businessman Chen Zhi to China, where he is accused of running a vast scam empire spanning cryptocurrency, illegal gambling, and labor camps.
Prince Group, the company being used to commit the alleged crimes, has had its operations in Cambodia suspended. The UK has sanctioned the company as a whole. Meanwhile, his extradition to China will see him facing charges, with the official translated announcement from the Ministry of Public Security of the People’s Republic of China stating: “… public security authorities will soon issue warrants for the first batch of key members of Chen Zhi’s criminal group, determined to apprehend all fugitives.
“Public security authorities warn criminals to recognize the situation, stop before it’s too late, immediately turn themselves in, and seek lenient treatment.”
Zhi was arrested alongside two other Chinese nationals, Xu Ji Liang and Shao Ju Hui. Last month, Zhi was also stripped of his Cambodian nationality by royal decree, which he’d acquired in 2014.
Businessman Chen Zhi was under investigation since 2020
According to reports, Chinese authorities had been investigating Zhi’s business since 2020. That business involved holding people against their will to act in various scams, designed to defraud millions out of their victims. In total, it’s estimated that Zhi had amassed billions in stolen cryptocurrency, which was compounded by the illegal gambling rooms that Prince Group was behind.
In 2025, $15 billion worth of Bitcoin was seized by the US authorities.
However, despite the mounting evidence, Cambodia’s government has been described as urging the UK and US, which have placed sanctions on Prince Group, to have enough evidence to back up their claims against Zhi.
Zhi’s bank, Prince Bank, has entered liquidation and is now banned from offering any kind of banking services. However, the BBC reports that existing customers can still withdraw their cash, as well as repay any loans that they may owe.
Featured image: China Ministry of Public Safety
