Businessman Chen Zhi deported to China as Singapore court blocks bid to release seized funds
Cambodia’s central bank has ordered the liquidation of Prince Bank Plc, a financial institution linked to alleged scam kingpin Chen Zhi, as authorities across multiple jurisdictions continue to investigate his alleged role in a transnational crime network.
The National Bank of Cambodia (NBC) said the bank is no longer permitted to conduct any banking activities, including accepting deposits or issuing loans, and that a licensed liquidator has been appointed to oversee the process.
Source: Prince Bank
The NBC said depositors would still be able to withdraw their funds, subject to the submission of required documentation, and that withdrawals would be handled in accordance with the country’s banking laws.
Alleged scam kingpin arrested & deported to China
Separately, Chen was arrested in Cambodia earlier this month and deported to China at the request of Beijing, according to Cambodian media reports.
Two other Chinese nationals were also detained and transferred as part of the same operation.
Source: China Global South Project
The Cambodian Ministry of Interior said the arrests followed months of joint investigations by Cambodian and Chinese law enforcement agencies.
It added that Chen’s Cambodian citizenship had been revoked in December 2025 in accordance with the country’s nationality laws.
Chen, who was born in China’s Fujian province in 1987, became a naturalised Cambodian citizen in 2014.
He later rose to prominence as chairman of Prince Group, a conglomerate with interests spanning real estate, finance, and consumer services across more than 30 countries.
International investigations & sanctions
Chen’s deportation comes against the backdrop of escalating enforcement actions by authorities worldwide.
In October 2025, United States (US) prosecutors charged Chen with conspiracy to commit wire fraud and money laundering.
American authorities also seized approximately US$15 billion (about S$19.3 billion) worth of bitcoin allegedly linked to him.
According to the US Attorney’s Office, Chen and his associates are accused of operating forced-labour scam compounds in Cambodia, where victims were allegedly detained and compelled to carry out online fraud schemes.
Source: Prince Holding Group
Following the charges, Chen and Prince Group were sanctioned by both the US and the United Kingdom. Authorities across Asia, including in Singapore, South Korea, Hong Kong, and Taiwan, have also seized assets or detained individuals linked to entities associated with the group.
Chinese authorities have reportedly been investigating Chen’s operations for several years.
Singapore court blocks release of seized funds
In Singapore, a State Courts district judge on 7 Jan dismissed an application seeking the release of funds seized from a company linked to Chen.
The application was filed by a former employee of DW Capital, a Singapore-based family office associated with Chen, on behalf of the firm’s sole remaining director, Karen Chen Xiuling.
She has been sanctioned by the US and remains outside Singapore despite repeated requests by authorities for assistance in investigations.
Source: OpenSanctions
The Straits Times (ST) reported that the application sought the release of more than S$332,000 for salary-related expenses incurred after the firm’s bank accounts were frozen, S$459,000 for corporate tax payments, and about S$102,000 per month for future operational expenses.
In rejecting the request, the judge said investigations were still ongoing and that it was in the interests of justice to preserve the seized assets, given their suspected nature.
Responding to media queries, Clarence Lun, managing director of Fervent Chambers and lead counsel for the applicants, said they were reviewing the decision with their client and considering their options.
Prince Group rejects claims
Meanwhile, Prince Group has strongly denied all allegations against Chen and the company, describing them as unfounded and legally baseless.
In a statement issued on 11 Nov 2025, the Cambodia-based conglomerate said neither Chen nor the group had engaged in any unlawful activity.
Source: Prince Holding Group
It argued that the accusations appeared aimed at justifying the seizure of assets worth billions of dollars, and said the claims had been amplified through repeated media reports relying on unverified information.
The group added that the allegations had caused significant harm to its employees, business partners, and the communities it operates in, stressing that thousands of innocent stakeholders had been affected.
Chen’s extradition to China nonetheless marks a major escalation in the international crackdown on the alleged syndicate, as investigations in Singapore and other jurisdictions continue.
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Featured image adapted from Prince Bank and China Global South Project.
