Police reportedly detained Chen Zhi, the founder and chairman of Prince Group, before deporting him to China for investigation by Chinese authorities. According to Bloomberg, Zhi left Cambodia under escort to face questioning over alleged financial crimes and scam operations.​

Sanctions, Bitcoin Seizure and Fraud Allegations

In October, the US Department of Justice unsealed an indictment that accused Chen Zhi of wire fraud and money laundering in connection with a global cryptocurrency scheme built on forced‑labour scam compounds in Cambodia.

US authorities said they seized about 127,000 bitcoin, valued at roughly $15 billion at the time, in what they described as the largest forfeiture action in the department’s history.​

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The same operation prompted the US Treasury and the UK government to sanction Prince Group and associated individuals and entities as a transnational criminal organization.

Officials alleged that networks under Chen’s control used shell companies, unhosted wallets and a tangle of corporate structures to launder proceeds from “pig butchering” investment scams, online fraud and other crimes.​

Alleged Scam Compounds and Forced Labour

Investigators and rights groups accuse Zhi and Prince Group of running or backing large scam compounds in Cambodia that relied on trafficked workers. These facilities allegedly detained people under coercive conditions and forced them to operate phone and online fraud schemes that targeted victims around the world.​

Court filings and analytical reports describe “phone farms” and industrial‑scale cyberfraud operations that blended crypto trading pitches, fake investments and romance scams. Analysts say the network grew into one of Asia’s most significant criminal enterprises, with operations and financial links stretching into Southeast Asia, Europe and beyond.​

Taiwanese media LTN said Prince Group helped provide more than half of a US$260 million grant to Cambodia in 2018, raising questions about how business, politics and security interests intersected around the conglomerate.​​

Suspected Links to Chinese Intelligence and Global Reach

Local media accounts also note that Chen reportedly bought properties in multiple jurisdictions, including units in London located near the US embassy, and used a web of companies to expand his footprint. Financial watchdogs in Singapore, Thailand and other markets have reportedly moved to scrutinize or freeze assets linked to firms associated with the group.​

Chen’s removal from Cambodia to China signals a shift in how authorities handle alleged scam bosses who once operated from loosely regulated hubs. For years, critics argued that law‑enforcement agencies moved too slowly even as the suspected network grew and victims multiplied across continents.​

The investigation in China now adds another layer to ongoing legal actions in the US, UK and other jurisdictions over bitcoin forfeiture, property seizures and sanctions enforcement.