China revises charges against Prince Group founder Chen Zhi
Chinese prosecutors have added a new intentional assault charge against Prince Group founder and chairman Chen Zhi (as depicted in the featured image), increasing the legal risks he faces as authorities continue pursuing one of Asia’s highest-profile cybercrime cases.
According to Chinese business magazine Caixin, Chen was formally arrested on 6 July, around six months after he was extradited from Cambodia to China. The report said prosecutors have revised the list of charges against him, dropping one count while adding two new ones.
The latest indictment includes charges of intentional assault and copyright infringement. Prosecutors also continue to investigate Chen over allegations of fraud, illegal gambling operations and unlawful business activities.
A major development
The assault charge is considered the most serious development. Under China’s Criminal Law, aggravated cases involving severe injury or death can carry penalties ranging from lengthy prison terms to life imprisonment or even the death penalty. However, prosecutors have not disclosed the specific facts behind the allegation, and the case has yet to be tested in court.
Chen, 38, was born in China and later became a Cambodian citizen. Before his extradition, Cambodia revoked his citizenship through a royal decree, removing a legal obstacle to his transfer to Chinese authorities.
When announcing the extradition earlier this year, China’s Ministry of Public Security described Chen as the alleged leader of a cross-border fraud syndicate operating across multiple jurisdictions. Prince Group has consistently denied the accusations, previously describing the allegations as unfounded and maintaining that the company has done nothing wrong. The criminal proceedings in China are unfolding alongside a separate investigation in the United States.
In late 2025, US federal prosecutors charged Chen with wire fraud conspiracy and money laundering conspiracy. At the same time, the US Department of Justice filed a civil forfeiture case involving 127,271 Bitcoin, valued at roughly $15 billion, describing it as the largest cryptocurrency forfeiture action in the department’s history.
Arrest after US-UK sanctions
The US Treasury and the UK first sanctioned Chen, Prince Group and dozens of related companies in October 2025, accusing the network of operating as a transnational criminal organisation.
The pressure has continued this year. In June 2026, the US State Department imposed more sanctions on another nine individuals and 26 entities allegedly linked to Prince Group. US officials said the network operated scam compounds that targeted victims in the United States as well as other countries.
China’s crackdown widens
The latest charges against Chen come as China continues to intensify its crackdown on organised cybercrime and scam operations across Southeast Asia.
Earlier this year, Chinese state media reported that 11 members of the Ming family criminal group were executed after being convicted of offences including fraud, unlawful detention, intentional injury, intentional homicide and operating casinos.
China has also announced plans to launch an international alliance against online fraud in September as it wants more action from regional authorities. For now, the latest charges against Chen remain allegations. The final outcome will depend on court proceedings in China, with prosecutors expected to continue building their case in the months ahead.
Rome wasn’t built in a day, but your next deal could be. From 02 to 05 November 2026 the city becomes the heartbeat of global iGaming when SiGMA World opens its gates. With 30,000 delegates, 1,200+ sponsors and exhibitors, and 550+ expert speakers, history is calling at the mother of all conferences.
