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Cambodia extradites billionaire businessman Chen Zhi to China, where he is accused of running a vast fraudulent empire spanning cryptocurrency, illegal gaming and labor camps.
Prince Groupthe company used to commit the alleged crimes, has had its operations in Cambodia suspended. The UK sanctioned the company as a whole. Meanwhile, his extradition to China will see him face charges, official announcement translated of the Ministry of Public Security of the People’s Republic of China stating: “…public security authorities will soon issue arrest warrants for the first group of key members of Chen Zhi’s criminal group, determined to apprehend all fugitives.
“Public security authorities warn criminals to recognize the situation, stop before it is too late, turn themselves in immediately and seek lenient treatment. »
Zhi was arrested alongside two other Chinese nationals, Xu Ji Liang and Shao Ju Hui. Last month, Zhi was also stripped of his Cambodian citizenship by royal decree, which he had acquired in 2014.
Businessman Chen Zhi has been under investigation since 2020
According to reports, Chinese authorities had been investigating Zhi’s cases since 2020. These cases involved detaining people against their will to participate in various scams, intended to defraud millions of their victims. In total, Zhi was estimated to have amassed billions in stolen cryptocurrencies, which was compounded by the illegal gambling halls Prince Group was behind.
In 2025, $15 billion worth of Bitcoin seized by the American authorities.
However, despite the accumulation of evidence, the Cambodian government has been described as urging the UK and US, which have imposed sanctions on the Prince Group, to have enough evidence to support their claims against Zhi.
Zhi’s bank, Prince Bank, has gone into liquidation and is now prohibited from offering any type of banking services. However, the BBC reports that existing customers can still withdraw their money and repay any loans they may have.
Featured image: Chinese Ministry of Public Security
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