Cambodian Prince Group founder Chen Zhi has been arrested and has been sent back to China for investigation.

According to reports by Cambodia-China Times, Prince Group founder and chairman Chen Zhi has been arrested in Cambodia and recently deported to China to undergo further investigation.

Currently, the Cambodian authorities have not issued an official statement on this case. Cambodia’s National Police spokesperson Chhay Kim Khoeun did not respond to media inquiries, while government spokesperson Pen Bona stated that he was unaware of the arrest and advised the media to inquire with the Ministry of Interior.

Involving the largest scam and forced labor case in U.S. history

Chen Zhi, 37 years old, has attracted close attention from the U.S. government in recent years. The U.S. State Department has formally charged him, and the U.S. Treasury Department along with the UK Foreign, Commonwealth & Development Office have imposed sanctions, alleging his involvement with multiple forced labor zones in Asia and extensive financial scams.

It is reported that Prince Group operates numerous companies across several Asian countries, involved in real estate, hotels, finance, e-commerce, and other sectors. Since its establishment in 2015, its footprint has expanded rapidly. U.S. law enforcement agencies have designated the group as a “transnational criminal organization,” claiming its operations span over 30 countries and making it one of the largest criminal networks in Asia.

(Partner Chen Zhi, who manages Taiwan’s Prince Realty, claims innocence in an interview with The Times in the UK?)

U.S. Department of Justice freezes over 120,000 Bitcoins, worth approximately $15 billion

Even more shocking, U.S. prosecutors have filed a civil forfeiture lawsuit involving 127,271 Bitcoins. Based on the cryptocurrency’s value at the time, this amount is estimated to be worth up to $15 billion. The U.S. Department of Justice described this action as “the largest asset forfeiture case in history.”

The U.S. believes these Bitcoins are directly linked to financial scams and money laundering activities, and are connected to multiple entities under the Prince Group.

Background of Prince Group and Chen Zhi’s rise

Prince Group was registered in Cambodia in 2015, initially focusing on real estate development. It quickly expanded into hotels, banking, technology, and other sectors, becoming a major business conglomerate in the region. Chen Zhi gained a positive image in local media through frequent participation in charity activities and corporate donations, once being portrayed as a model successful entrepreneur.

However, as international concern over Asian “scam zones” and cybercrime increased, the group’s recent investment directions and fund flows have come under greater scrutiny.

Next step: How will China handle Chen Zhi’s case?

It remains unclear how Chinese authorities will proceed with Chen Zhi’s investigation or whether they will cooperate further with U.S. judicial authorities. Given the case involves international cross-border scams and large-scale crypto assets, more developments are expected.

This article, “Cambodian Prince Group founder Chen Zhi arrested and deported to China for investigation,” first appeared on Chain News ABMedia.