Cambodia extradited alleged scam boss Chen Zhi to China on Thursday, Beijing confirmed, after he was indicted by the United States over a multibillion-dollar fraud. Chinese authorities said Chen was “escorted” from Phnom Penh and hailed the move as a major achievement in law enforcement cooperation between the two countries. Arrest warrants are expected soon for other members of Chen’s criminal group.
Read More: Crackdown launched on rising online scams
The National Bank of Cambodia announced that Prince Bank, a subsidiary of Chen’s Prince Holding Group, has been placed under liquidation and suspended from accepting deposits or providing new loans. Auditor Morisonkak MKA has been appointed as liquidator. The bank manages about a billion dollars in assets, and authorities said customers can withdraw money normally while borrowers must continue to meet obligations.
REPORT: Cambodia extradites Chen Zhi, (alleged fraud ring boss) to China. 23,191 BTC linked to him sits in wallets with no movement since arrest. US has indictment but China now holds him, creating jurisdictional battle over the $2B+ in seized crypto pic.twitter.com/twup3Ov1rE
— Max Avery (@realMaxAvery) January 8, 2026
Chen, who is Chinese-born, was sanctioned by the United States and the United Kingdom last October for directing a large cyberfraud network. Prosecutors allege he trafficked workers into compounds in Cambodia to operate cryptocurrency scams, including “pig butchering” schemes that defrauded victims of billions of dollars globally.
View this post on Instagram
Amnesty International has reported widespread rights abuses at scam hubs, including forced labour, human trafficking, and torture, and said Cambodia’s response to these abuses has been inadequate. Chen and two other Chinese nationals were arrested in Cambodia and extradited to China at Beijing’s request.
Read More: NCCIA registered 2200 cases, arrested over 2900 in 2025
If convicted in the United States, Chen could face up to 40 years in prison for wire fraud and money laundering involving about 127,271 bitcoin, worth over $11 billion at current prices. Prince Holding Group has denied all allegations, and its bank and legal representatives did not immediately respond to requests for comment.
Scam centres in Cambodia and neighbouring countries continue to target foreign nationals, many Chinese, luring them with fake job offers before forcing them into online fraud operations.