Prince Group founder formally arrested in China six months after extradition

Prince Group founder Chen Zhi, 38, who was identified as a key figure behind large-scale online scam compounds in Cambodia, has been formally arrested about six months after being extradited to China, JoongAng Ilbo reported. China’s Ministry of Public Security said it worked with Cambodian authorities in Phnom Penh on Jan. 7 to extradite Chen to China, where Chen now faces allegations including fraud, operating illegal gambling venues and illegal business operations. Separately, U.S. prosecutors indicted Chen last year on charges including conspiracy to commit wire fraud and money laundering, and seized about $15 billion worth of Bitcoin, or roughly 22.8 trillion won, during the investigation.