Cambodia extradites alleged scam mastermind to China after arrest

Story

Footage broadcasted by China's state television CCTV shows Chinese billionaire businessman Chen Zhi accused of masterminding a vast cryptocurrency scam in which trafficked workers were lured to forced labour camps to defraud victims globally is extradited from Cambodia to China on Wednesday Jan 7, 2026. Chen Zhi was among three Chinese nationals arrested on 6 January after a joint investigation into transnational crime lasting several months, Cambodia said. The US charged the 37-year-old last October with running internet scams from Cambodia that it said had stolen billions in cryptocurrency. The UK also sanctioned his global business empire, Prince Group, external. Cambodian authorities have also suspended the operations of Prince Bank, a subsidiary of Prince Group. The bank has been placed in liquidation and banned from offering new banking services - though customers can still withdraw money and repay loans, the National Bank of Cambodia said on Thursday. China's state media confirmed Chen Zhi's extradition, describing him as "the head of a major cross-border gambling and fraud syndicate... suspected of multiple crimes, including operating casinos, fraud, illegal business operations and concealing criminal proceeds". CCTV said he had been "placed under coercive measures in accordance with the law". "The public security organs will soon issue arrest warrants for the first batch of key members of Chen Zhi's criminal syndicate, resolutely bringing fugitives to justice," said CCTV. "The public security organs solemnly warn criminals to recognise the situation, stop their crimes before it's too late, and immediately surrender themselves to the authorities to receive lenient treatment." Last year, US authorities seized about $15bn (£11bn) worth of bitcoin, external that it alleged belonged to Chen, in what FBI Director Kash Patel described as "one of the largest financial fraud takedowns in history". Since Chen Zhi was indicted by the US on fraud and money-laundering charges in October, his whereabouts have been unclear. But on Wednesday, the Cambodian authorities said they had "arrested three Chinese nationals namely Chen Zhi, Xu Ji Liang, and Shao Ji Hui and extradited [them] to the People's Republic of China". The interior ministry statement did not say where Chen Zhi had been detained. His Cambodian nationality had been revoked by royal decree last month, it added. The enigmatic tycoon had given up his Chinese nationality to become a Cambodian citizen in 2014.