BANGKOK – Cambodian police have arrested and extradited high-profile businessman Chen Zhi, the founder and chair of Prince Group, to China over suspected cross-border crime. The arrest follows a joint probe and comes as Prince Bank, one of the group’s best-known firms, is being forced into liquidation by the National Bank of Cambodia (NBC).
Chen Zhi, 38, is a Chinese-Cambodian national and is also known as Neak Oknha Chen Zhi (a Cambodian honour). He was detained on 6 January alongside two other Chinese nationals. Cambodia’s Ministry of Interior confirmed on 7 January that Chen had been extradited, calling it part of ongoing work with China against transnational crime.
Officials say the action follows months of investigations into suspected scam rings. Chinese authorities had asked for Chen to be sent back, accusing him of directing large-scale online fraud. By Tuesday evening, Chen and the two others had been flown to Beijing for further questioning and investigation.
Building a Powerful Business Group
Chen moved to Cambodia more than ten years ago and quickly grew Prince Holding Group into a major player. The wider group has projects said to be worth more than $2 billion and includes property firms such as Prince Real Estate Group and Prince Huan Yu Real Estate Group, along with Prince Bank and other businesses.
He received the Neak Oknha title linked to donations and investment, including high-visibility projects in Phnom Penh and Sihanoukville. Under his leadership, Prince Bank expanded into a recognised name in Cambodia’s banking sector, with both retail and business services.
US officials describe a much darker story. In October 2025, the US Department of Justice unsealed a case in a Brooklyn federal court that accuses Chen Zhi of conspiracy to commit wire fraud and conspiracy to launder money.
Prosecutors claim Prince Group was used as a cover for forced-labour scam sites across Cambodia. They say thousands of people were trafficked after being offered fake jobs, then made to run crypto investment scams, pig-butchering fraud, and other online schemes aimed at victims across the world, including the United States.
Authorities estimate the losses run into billions of dollars. The US Treasury Department and UK officials also coordinated sanctions against Chen and related firms, describing the network as one of the largest cybercrime operations on record.
Chen is still wanted by the US Justice Department and could face a long prison term if convicted. His extradition to China, rather than the US, has drawn attention because Cambodia has close political ties with Beijing.
Prince Bank Put Into Liquidation
Soon after the extradition news, the National Bank of Cambodia said on 8 January that Prince Bank has been placed into liquidation. The NBC said the bank has stopped operating, it can’t offer new services, and the wind-down will follow Cambodian law.
The central bank said the move is meant to protect depositors and support financial stability during the fallout. Some analysts believe concerns over possible illicit funds may have driven the decision, including fears of money laundering linked to scam networks.
Customers have been told deposits will be handled through the liquidation process, but many are watching closely for knock-on effects across the banking sector.
What This Means for Cambodia
This case shines a light on Cambodia’s long fight with cyber-scam hubs, especially in coastal areas such as Sihanoukville, which has been labelled a scam hotspot in recent years. Raids and crackdowns have freed thousands of trafficking victims, but the allegations around Chen Zhi suggest some networks may have run alongside legitimate firms for years.
Cambodia’s government says it’s serious about ending these crimes and working with foreign partners. At the same time, the choice to extradite Chen to China, despite US charges, highlights the pull of regional politics.
As China’s investigation continues, the collapse of Chen’s business image could shift how investors view Cambodia, with tighter checks on large groups likely to follow. Prince Group’s assets are now under heavier scrutiny, and asset freezes or seizures remain a possibility.
For victims worldwide, justice may still feel out of reach, split between China’s case and unresolved US proceedings. For Cambodia, this is a major blow to one of its most visible tycoons, and a reminder of how business, crime, and diplomacy can collide.
