Prince Group founder and chairman Chen Zhi has been arrested in Cambodia and repatriated to China for investigation, according to The Cambodia China Times, a Chinese media outlet based in Cambodia.

The detention marks a significant development in a case that has drawn international scrutiny over alleged large-scale cross-border fraud and money laundering activities.

Cambodian media reports said Chen was taken into custody in Cambodia and transferred to China in recent days. A person familiar with the matter told Chinese outlet Hongxing News that the arrest took place early in the morning and unfolded rapidly, catching many local observers by surprise. Despite the detention of its founder, several of Prince Group’s businesses in Cambodia — including its banking and real estate units — were continuing normal operations at the time of reporting.

Chen, a native of China’s Fujian province, is one of the founders of Prince Group, which publicly describes itself as a multinational conglomerate. According to publicly available information, Chen entered the Cambodian market in 2009 and formally established the group in 2015.

Over the following decade, Prince Group expanded into sectors including property development, finance, energy, telecommunications, and banking. Subsidiaries such as Prince Real Estate Group, Prince Bank and Awesome Global Investment Group became well known locally.

U.S. authorities have previously accused Prince Group of orchestrating large-scale investment fraud and money laundering through an extensive international corporate network.

Prosecutors allege the group used deceptive recruitment practices to lure workers to Cambodia, where they were detained and forced to carry out telecommunications- and cryptocurrency-related investment scams targeting overseas victims. These operations, commonly described as “pig-butchering” schemes, are alleged to have generated billions of dollars in illicit proceeds.

According to investigative documents, Prince Group is alleged to have operated at least ten scam compounds in Cambodia since 2015, concealed behind legitimate business operations across more than 30 countries and regions. Investigators claim workers were subjected to violence and intimidation to sustain the operations, with some facilities equipped with large-scale “phone farms” controlling tens of thousands of online accounts.

The indictments also allege systematic bribery of public officials in multiple jurisdictions to shield the operation from law enforcement scrutiny. Prosecutors claim luxury items — including yachts and high-end watches — were provided to officials in exchange for protection and advance warnings of enforcement actions.

In October 2025, the U.S. Department of Justice announced it had frozen and seized 127,000 bitcoins linked to Prince Group, valued at about $15 billion at the time. Around the same period, authorities in Singapore also froze assets belonging to Chen’s family, including luxury vehicles, properties and bank accounts valued at approximately SG$150 million ($117 million). Similar asset freezes were reported in jurisdictions including Hong Kong, Thailand and South Korea.

Prince Group has denied all allegations, describing the investigations as unfounded and politically motivated. In earlier statements, the group said actions taken by foreign authorities were aimed at seizing its assets rather than pursuing justice.

Chen’s arrest and repatriation come as multiple jurisdictions continue to examine the alleged use of legitimate corporate structures to facilitate cross-border fraud and money laundering. Investigations remain ongoing.