Behind the façade of humanitarian donations, skyscrapers, and political connections, U.S. and U.K. authorities uncovered one of the largest “pig butchering” fraud networks in the world. Chen Zhi, founder of Prince Group, is currently in custody of Chinese authorities.
Who is Chen Zhi and how did he build his business empire
Chen Zhi, born in 1987 in China’s Fujian province, arrived in Cambodia in the early 2010s after Chinese authorities began cracking down on internet cafés and private gaming servers he operated—activities that existed in a legal gray zone. In 2014, he obtained Cambodian citizenship through a foreign investor program and immediately founded Prince Real Estate, which soon grew into a conglomerate known as Prince Holding Group, with operations in real estate, banking, and tourism.
In the years that followed, Chen built a reputation as one of the most influential foreign investors in the country. He funded humanitarian projects, donated vehicles to the national police and the Cambodian Red Cross, and received the honorary title “Neak Oknha”—a designation for individuals of exceptional wealth who have made significant contributions to the state. He was also appointed as an advisor to then-Prime Minister Hun Sen. His public image as a philanthropist and successful businessman appeared nearly flawless.
What was hidden behind the public image
Parallel to his public success, U.S. investigators and international organizations began uncovering links between Chen’s business operations and a network of so-called scam centers in Southeast Asia. According to an indictment by the U.S. Department of Justice, Chen Zhi was a key figure in a system of online fraud known as “pig butchering.”
This type of scam operates by fraudsters building relationships with victims over weeks or months—often through fake romantic connections or seemingly professional investment advice—before convincing them to invest substantial amounts of money into non-existent cryptocurrency schemes. The deception can last for weeks or months before victims realize what has happened.
The centers where these operations took place recruited workers from China, Indonesia, Pakistan, and other countries through false promises of IT jobs. According to human rights reports, many of them were forced to participate in scams under threats.
The crypto trail and record seizure
Funds obtained through these scams were routed through a complex network of companies and bank accounts across multiple jurisdictions, and then converted into cryptocurrencies. These crypto transactions became a key trail investigators followed for years.
In 2025, U.S. authorities seized 127,271 bitcoins linked to Chen’s operations—one of the largest cryptocurrency seizures in history. At the time of seizure, the assets were valued at approximately $15 billion.
Financial records show that the network used hundreds of companies registered in different jurisdictions to conceal the origin of funds. Accounts were opened in banks in Singapore, Taiwan, and South Korea, while the money was used to purchase luxury real estate in London, Singapore, and Taipei, as well as private helicopters and yachts.
Sanctions, arrest, and extradition
The turning point came in 2025, when the United States and the United Kingdom imposed sanctions on Chen Zhi and Prince Group. The U.S. Department of the Treasury described the network as an organized international cyber fraud operation, while prosecutors filed charges for fraud and money laundering.
In early 2026, Cambodian authorities revoked Chen’s citizenship, after which he and two other Chinese nationals were arrested and extradited to China. Chinese state television broadcast footage of his arrival, showing police escorting him off a plane in handcuffs with a black hood over his head.
Soon after, parts of his business empire began to collapse—real estate projects halted sales, the bank within Prince Group entered liquidation, and thousands of workers began leaving scam centers in Cambodia.
What this means for victims and the fight against fraud
The downfall of Chen Zhi represents the most significant single blow to the online fraud industry in Southeast Asia to date. However, experts warn that the underlying structure—combining digital fraud, cryptocurrencies, and international financial networks—still remains.
According to United Nations estimates, scam centers in the region generate tens of billions of dollars annually.
For victims of “pig butchering” scams worldwide, this case raises important questions about asset recovery. Seized cryptocurrency funds could potentially be included in compensation proceedings, but such processes may take years.
Your DefendMe Team