Authorities in Cambodia have arrested and extradited Chen Zhi, a Chinese-born business tycoon accused of running an “industrial scale” fraud network.
It marks the wider acceleration of action against gambling fraud in Southeast Asia, specifically fuelled by China.
Zhi is the Founder of Prince Holding Group, a multi-billion-pound conglomerate based in Cambodia that has been accused by UK and US authorities of constructing casinos and compounds to facilitate scams totalling billions of dollars using forced labour.
A statement from Cambodia’s Interior Ministry said: “Within the scope of cooperation in combating transnational crime and pursuant to a request from the relevant authorities of the People’s Republic of China, the authorities of the Kingdom of Cambodia have arrested three Chinese nationals – Chen Zhi, Xu Ji Liang and Shao Ji Hui and extradited to the People’s Republic of China”.
Phnom Penh also confirmed that Zhi’s Cambodian citizenship was revoked by Royal Decree in December 2025.
‘Pig-butchering scams’
According to the US Department of Justice, the Prince Group serves as “one of Asia’s largest transnational criminal organisations”, running “pig butchering” cryptocurrency scams that defraud victims out of “substantial sums of money”.
The group also allegedly lures workers to the scam centres through false job adverts before forcing them to take part in the fraud activity under the threat of torture.
Zhi has been charged by the US Department of Justice with wire fraud conspiracy and money laundering conspiracy related to Prince Group’s alleged activity, and faces up to 40 years in prison if convicted in the US.
In October, UK and US authorities jointly announced that they had targeted 146 individuals connected to the group and its actions across Southeast Asia and the Pacific.
The two governments also seized 127,271 bitcoins, worth approximately $15bn, and froze assets linked to the Prince group, including a number of properties in London.
In addition, nations across Southeast Asia, including Taiwan, Hong Kong and Singapore, seized further assets totalling approximately $616m related to Zhi and the Prince Group.
“Together with our US allies, we are taking decisive action to combat the growing transnational threat posed by this network – upholding human rights, protecting British nationals and keeping dirty money off our streets,” said UK Foreign Secretary Yvette Cooper when the sanctions were announced.
China steps up enforcement action
The extradition of Zhi continues China’s concerted efforts to bring to justice the perpetrators of illegal activity.
In November, a Thai appeals court approved the extradition of She Zhijiang to China, where he is accused of running over 200 illegal online gambling operations.
Like Zhi, Zhijiang has also been sanctioned by the UK and US authorities related to alleged criminal activity and links to human trafficking in Cambodia.
According to The Nation, Zhijiang’s operations had a cash flow of over 12.6 trn baht (£294.9bn). Meanwhile, his company, Yatai International Holdings Group, was also involved in the development of the Yatai New City project in Myanmar’s Shwe Kokko Special Economic Zone, which housed two casino complexes targeting Chinese gamblers.
