Cambodia has extradited Chen Zhi, a billionaire businessman accused of running a massive cryptocurrency scam, to China. Authorities say his schemes involved luring trafficked workers into forced labor camps to defraud victims around the world.
Lengthy Transnational Crime Investigation
Chen was one of three Chinese nationals arrested on January 6 after a months-long joint investigation into transnational crime, Cambodian officials said.
Last October, the US charged the 37-year-old with running internet scams from Cambodia that allegedly stole billions in cryptocurrency. The UK also sanctioned his global business empire, Prince Group.
Cambodian authorities have also suspended operations at Prince Bank, a subsidiary of Prince Group, which is currently in liquidation and prohibited from offering any new services. However, customers can still withdraw money and repay loans, as the National Bank of Cambodia explains.
China’s state media confirmed Chen’s extradition, calling him “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.”
Upcoming Warrant Arrests for Syndicate Members
CCTV reported that 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,” CCTV said.
“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 roughly $15 billion in Bitcoin linked to Chen, an FBI operation described by director Kash Patel as “one of the largest financial fraud takedowns in history.”
Prince Group has consistently denied involvement in scams, saying its businesses include property development, finance, and consumer services.
Chen’s Cambodian citizenship had been revoked by royal decree last month. He had previously given up his Chinese nationality 12 years ago, in 2014. According to disturbing UN estimates, hundreds of thousands of people have been trafficked to Southeast Asia, including Cambodia, with many forced to run online scams. Victims, often Chinese, are made to commit fraud under threat of punishment or torture.