Cambodian authorities arrested Chen Zhi, chairman of Prince Group, and extradited him to China amid allegations his conglomerate ran transnational scam centres. The case prompted asset freezes, the liquidation of Prince Bank, and intensified regional cooperation to dismantle pig‑butchering fraud networks.

Cambodian law enforcement detained Chen Zhi, identified by prosecutors as the chairman of Prince Group, and transferred him to Chinese authorities as part of a transnational investigation into large‑scale online scam centres. Chinese and U.S. prosecutors allege the conglomerate orchestrated romance and investment fraud schemes that used crypto, impersonation and forced labor to defraud victims across borders and launder the proceeds. The arrest triggered emergency financial actions in Cambodia, including asset freezes and the liquidation of Prince Bank, and prompted authorities in Southeast Asia to coordinate intelligence sharing, arrests and asset recovery efforts. Observers say the case underscores how criminal networks exploit weak oversight, digital currencies and cross‑border mobility to scale operations and evade detection. Regional governments have announced stepped‑up cooperation and the targeting of facilitators such as payment processors, recruitment networks and fraudulent corporate fronts. Investigations are expected to produce further extraditions, indictments and follow‑on enforcement actions by multiple jurisdictions as authorities seek to dismantle the underlying criminal infrastructure.