A billionaire’s empire built on deception has crumbled as Chen Zhi was extradited from Cambodia to China, facing accusations of orchestrating a massive criminal network. For years, he allegedly ran a sprawling operation encompassing cryptocurrency fraud, illegal gambling, and the horrifying exploitation of human labor.
The alleged hub of Zhi’s illicit activities, Prince Group, has been effectively shut down in Cambodia, its operations suspended amidst mounting evidence. The scale of the alleged crimes prompted the United Kingdom to impose sanctions on the entire organization, signaling international concern over its activities.
Chinese authorities have vowed to dismantle Zhi’s entire criminal enterprise, announcing plans to issue arrest warrants for key figures within his network. A stern warning was issued to remaining fugitives: surrender now and potentially receive leniency, or face the full force of the law.
Zhi’s arrest followed that of two other Chinese nationals, Xu Ji Liang and Shao Ju Hui, tightening the net around his alleged co-conspirators. Strikingly, Zhi was recently stripped of his Cambodian citizenship – a nationality he obtained in 2014 – further isolating him from potential safe harbor.
Investigations into Zhi’s business dealings stretch back to 2020, revealing a disturbing pattern of coercion and fraud. Reports suggest individuals were held against their will, forced to participate in elaborate scams designed to steal millions from unsuspecting victims.
The financial gains from these operations were staggering, with estimates placing the stolen cryptocurrency holdings in the billions. This illicit wealth was further fueled by the profits generated from Prince Group’s illegal gambling dens, creating a complex web of criminal activity.
While the US authorities seized $15 billion worth of Bitcoin in 2025, potentially linked to similar schemes, Cambodia initially urged sanctioning nations like the UK and US to provide concrete evidence supporting their accusations against Zhi.
The fallout has extended to Zhi’s financial institutions, with Prince Bank now in liquidation and prohibited from offering any banking services. Despite this, authorities have assured existing customers they can still access their funds and fulfill outstanding loan obligations.
