Cambodia Extradites Crypto Fraud Mastermind to China

Global Crypto Scam Network Dismantled

In a significant international law enforcement operation, Cambodia has extradited Chen Zhi, a Chinese-Cambodian businessman accused of masterminding a massive global cryptocurrency fraud scheme, to China. The 37-year-old Chen was arrested on January 6 following a months-long joint investigation into his alleged involvement in a large-scale transnational crime network ¹

Prince Group's Global Operations

Chen founded the Prince Group at the age of 27, building it into a global conglomerate with operations in multiple sectors including real estate, banking, and aviation. However, U.S. prosecutors allege that the group served as a front for a sophisticated crypto investment scam that has defrauded victims worldwide of billions of dollars ²

International Cooperation and Legal Actions

The extradition follows a coordinated effort between Cambodian and Chinese authorities. The United States had previously charged Chen in October with operating an internet fraud scheme from Cambodia that allegedly stole billions of dollars worth of cryptocurrency. The UK had also imposed sanctions on Prince Group, further isolating the operation ¹

Impact on Financial Institutions

As part of the crackdown, Cambodian authorities suspended the operations of Prince Bank, a subsidiary of Prince Group, and placed it into liquidation. While existing customers were allowed to withdraw funds and settle loans, the bank was prohibited from offering new banking services ¹