In a significant transnational law enforcement operation, Cambodian authorities have extradited Chinese-born business magnate Chen Zhi to China following his arrest in Phnom Penh. The development comes months after the United States Justice Department unsealed indictments identifying Chen as the alleged mastermind behind one of Asia’s most extensive cybercrime networks operating under the guise of legitimate business conglomerate Prince Holding Group.
According to Cambodia’s Interior Ministry, the extradition operation conducted on Tuesday included two additional Chinese nationals—Xu Ji Liang and Shao Ji Hui—and was executed within the framework of international cooperation against transnational crime. The ministry’s statement revealed that Chen’s Cambodian citizenship had been formally revoked by royal decree in December 2023, paving the way for his transfer to Chinese authorities after months of joint investigative work.
US prosecutors allege that Chen presided over a sophisticated criminal enterprise that operated forced labor compounds across Cambodia, where victims were coerced into executing elaborate cryptocurrency investment scams known as ‘pig butchering’ schemes. These operations, which targeted victims globally, reportedly generated billions in illicit profits through carefully orchestrated confidence tricks that built trust with targets before absconding with their funds.
The international investigation gained momentum in October when US and British authorities imposed sanctions on Chen and his organization, followed by a series of asset confiscations across multiple jurisdictions. According to court documents, the scheme involved approximately 127,271 bitcoin seized by US authorities—valued at over $11 billion at current prices—with Chen facing up to 40 years imprisonment if convicted on wire fraud and money laundering conspiracy charges in the United States.
The case has drawn attention to Cambodia’s problematic relationship with large-scale cybercrime operations, with experts noting that dozens of scam centers employing tens of thousands of people—both willing participants and trafficked victims—operate throughout Southeast Asia. Notably, Chen had maintained high-level political connections in Cambodia, serving as an advisor to both current Prime Minister Hun Manet and his predecessor father Hun Sen, highlighting the complex interplay between business, politics, and alleged criminal enterprises in the region.
Prince Group has consistently denied all allegations, maintaining its operations were legitimate across real estate, financial services, and consumer businesses in more than 30 countries. Chinese authorities had not issued immediate commentary on the extradition as of late Wednesday.