Prince Group’s Chen Zhi Arrested Over $15B Crypto Scam Network

Key Highlights

Cambodian authorities arrested Prince Group founder Chen Zhi and repatriated him to China on Tuesday.
The arrest followed the revocation of Chen’s Cambodian citizenship and global allegations involving a $15 billion cryptocurrency fraud network.
The operation is part of a crackdown on transnational crime and human trafficking linked to Southeast Asian scam compounds.

Cambodian authorities arrested Chen Zhi, founder and chairman of the Prince Holding Group, on Tuesday and transferred him to China to face investigations into an alleged transnational criminal network. This operation also led to the arrests of associates Xu Ji Liang and Shao Ji Hui.

According to a report, the move followed an official request from Beijing and months of collaboration between China and Cambodia to gather evidence. In December 2025, Chen’s Cambodian citizenship was revoked by royal decree.

Fall of a business tycoon

This arrest marks a major setback for the 38-year-old tycoon from Fujian, who was a key player in Cambodia’s business elite. Cambodia’s Interior Ministry said the coordinated action was part of a broader effort to fight transnational crime.

Chen is accused of running a large empire of internet scam centers that used trafficked workers to carry out global cryptocurrency fraud. The Ministry noted that the operation was done as part of bilateral cooperation, showing a shift in the protection Chen previously seemed to have in the region.

Intensifying legal pressure

Legal forces bearing down on Chen Zhi intensified in the latter part of 2025. In October, the U.S. Department of Justice issued an indictment against Chen Zhi, and the charges included wire fraud and money laundering conspiracies. U.S. prosecutors claimed that Prince Group, while appearing to be a legitimate conglomerate with interests in real estate and finance, was actually a front for a transnational criminal organization.

The group was associated with “pig butchering” scams, investment frauds that scammed billions from people all over the world. The U.S. filed a civil forfeiture complaint against about 127,271 Bitcoin, valued at roughly $15 billion, as proceeds from these crimes.

Prince Group’s operations were based on human suffering. Investigations by the US government, as well as some NGOs, yielded a picture of a ‘fortified complex’ in Cambodia where trafficked persons were detained against their will and forced to engage in scamming operations through intimidation.

International asset freezes in Singapore

In November 2025, Singaporean authorities froze more than $150 million in assets linked to Chen and Prince Group, including ‘luxurious properties, a yacht, and top-of-the-line autos.’

Despite these rising accusations, the firm had previously insisted it ‘categorically’ rejected all illegal accusations, blaming these on ‘impersonation’ and ‘biased’ information. The coming effects of Chen’s repatriation are likely to have major implications for both the crypto world and Southeast Asian geopolitics.

Chen’s transfer to Chinese custody will likely prevent any immediate cooperation with Western officials as Beijing tries to take control of the investigation into one of its most notorious former nationals.

In the world of cryptocurrencies, for instance, the confiscation of $15 billion worth of Bitcoin is among the biggest law enforcement operations ever. This may pave the way for intensified regulatory oversight regarding “unhosted” wallets as well as methods for laundering funds via “spraying” or “funneling.”