Cambodia Extradites Prince Group Chairman to China Amid Massive Cybercrime Probe

Cambodian authorities confirmed on Wednesday the arrest and extradition of Chen Zhi, a prominent tycoon accused of orchestrating one of Asia’s largest transnational criminal networks. Chen, 38, was sent to China on Tuesday following a joint investigation between the two nations.

The Allegations
Chen Zhi, the founder and chairman of the Prince Group—one of Cambodia’s most powerful conglomerates—is wanted by United States federal prosecutors for allegedly running a multi-billion dollar criminal empire. U.S. officials claim his business was built on:

Forced Labor: Operating at least 10 guarded camps in Cambodia where trafficked individuals were coerced into scamming.

Cryptocurrency Scams: "Pig butchering" schemes that allegedly generated up to $30 million per day.

Money Laundering: Funneling stolen funds through over 100 shell companies to purchase luxury assets, including Picasso artwork and private jets.

Global Crackdown
In a historic move, the U.S. Justice Department recently seized $15 billion in cryptocurrency from Chen, marking its largest forfeiture action ever. The U.S. and UK have both designated Prince Group as a transnational criminal organization. Following these indictments, jurisdictions like Singapore, Thailand, and Taiwan have frozen hundreds of millions of dollars in linked assets.

Strategic Extradition
While the U.S. has charged Chen with money laundering and wire fraud, his extradition to China makes it "highly unlikely" he will face trial in American courts. Analysts suggest that by sending Chen to Beijing, Cambodia has neutralized Western pressure while allowing China to manage a politically sensitive case involving potential ties to its own officials.

China’s Foreign Ministry stated that the operation is part of a broader cooperation to combat cross-border telecommunications fraud. Prince Group has previously denied all allegations, calling them "baseless."

Context: The "Pig Butchering" Industry
The global scam industry, centered primarily in Southeast Asia, is estimated to be worth between $50 billion and $70 billion. These operations rely on human trafficking victims who are forced under threat of violence to con people worldwide out of their life savings.