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Cambodia Extradites Prince Group Founder Chen Zhi to China
(MENAFN) Cambodia has extradited Chinese national Chen Zhi, founder and chairman of Prince Group, to China, the country’s Interior Ministry announced late Wednesday, according to state‑run AKP News.
Two other Chinese citizens, Xu Ji Liang and Shao Ji Hui, were also detained and handed over to Beijing. Officials said the extradition was carried out “within the scope of cooperation in combating transnational crime and pursuant to a request” from China.
Chen, born in Fujian province in 1987, became a naturalized Cambodian citizen in 2014. His citizenship was revoked last month, clearing the way for extradition.
Authorities accuse him of running a transnational criminal network involved in cryptocurrency fraud, human trafficking, and money laundering.
Following his transfer, the National Bank of Cambodia announced that Prince Bank Plc—founded by Chen—was “placed under liquidation and is no longer permitted to conduct banking operations, including accepting deposits or providing loans,” according to the Khmer Times.
Chen established Prince Bank in 2015 and oversaw Prince Group’s expansion into dozens of companies across more than 30 countries, spanning real estate, financial services, and other sectors, the South China Morning Post reported.
In October, the US charged Chen with wire fraud conspiracy and money laundering, alleging he controlled about $15 billion worth of bitcoin that was seized.
Two other Chinese citizens, Xu Ji Liang and Shao Ji Hui, were also detained and handed over to Beijing. Officials said the extradition was carried out “within the scope of cooperation in combating transnational crime and pursuant to a request” from China.
Chen, born in Fujian province in 1987, became a naturalized Cambodian citizen in 2014. His citizenship was revoked last month, clearing the way for extradition.
Authorities accuse him of running a transnational criminal network involved in cryptocurrency fraud, human trafficking, and money laundering.
Following his transfer, the National Bank of Cambodia announced that Prince Bank Plc—founded by Chen—was “placed under liquidation and is no longer permitted to conduct banking operations, including accepting deposits or providing loans,” according to the Khmer Times.
Chen established Prince Bank in 2015 and oversaw Prince Group’s expansion into dozens of companies across more than 30 countries, spanning real estate, financial services, and other sectors, the South China Morning Post reported.
In October, the US charged Chen with wire fraud conspiracy and money laundering, alleging he controlled about $15 billion worth of bitcoin that was seized.
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