• Chen Zhi, founder of Prince Group, extradited to China on January 6, 2024.
• Accused of masterminding a vast cryptocurrency scam and human trafficking.
• U.S. authorities charged him with conspiracy and money laundering, seizing $15 billion in bitcoin.
• Chen's bank, Prince Bank, has been liquidated in response to allegations.
• International cooperation involved in the investigation with multiple countries acting against his operations.

Cambodia has extradited Chen Zhi, a Chinese billionaire and founder of Prince Group, to China after his arrest for allegedly masterminding a transnational crime network. This extradition occurred on January 6, 2024, involving two other Chinese nationals, Xu Ji Liang and Shao Ji Hui, and was part of a multi-month investigation into extensive illegal operations including cryptocurrency fraud and human trafficking, according to channelnewsasia and BBC.

The U.S. government has charged Chen with wire fraud conspiracy and money laundering, labeling his operations as some of the largest financial frauds in history, with about $15 billion in bitcoin being seized. The U.S. Treasury also noted that this marked the largest action against transnational crime involving the Prince Group, revealing their use of trafficked workers lured under false pretenses to operate scam businesses in Cambodia and beyond, as reported by South China Morning Post and Reuters.

Following Chen's arrest, Cambodia's National Bank announced the liquidation of Prince Bank, a financial institution he founded, which has been suspended from banking operations. This action reflects ongoing scrutiny and international pressure on his companies following sanctions imposed by U.S. and U.K. authorities due to their alleged involvement in illegal scams. The Cambodian government cited the need to comply with local laws when handling Chen's assets, according to South China Morning Post and channelnewsasia.

Chen Zhi’s operations have drawn attention from authorities across Asia, with various countries, including Singapore and South Korea, acting against individuals linked to the Prince Group. A special task force in Beijing has been investigating these operations as part of a broader crackdown on transnational criminal syndicates. Investigators have reported that these syndicates exploit victims for forced labor within online scam frameworks, emphasizing the gravity of Chen's alleged crimes, as noted by South China Morning Post and Reuters.