Cambodia has extradited an alleged major financial crime boss to China, marking a significant move in international efforts to combat complex cyber fraud rings. The Cambodian Interior Ministry confirmed the extradition of Chen Zhi, the founder of the conglomerate Prince Group, along with two other Chinese nationals, following a formal request from Beijing.
The extradition was executed under bilateral agreements for fighting transnational crime. Chen Zhi, born in China's Fujian province in 1987, had obtained Cambodian citizenship in 2014. His citizenship was revoked last month, facilitating his handover. He is accused by Chinese authorities of operating a criminal network involved in cryptocurrency fraud, human trafficking, and large-scale money laundering.
The repercussions were swift. Shortly after the extradition, Cambodia's National Bank announced that Prince Bank Plc, founded by Chen, was placed into liquidation and barred from all banking operations. Chen's Prince Group, established in 2015, had grown into a multinational entity with interests spanning real estate, finance, and more across over 30 countries.
This case has a wide global footprint. In October, the United States charged Chen with wire fraud conspiracy and money laundering, seizing approximately $15 billion in bitcoin allegedly linked to him. Chen is also sanctioned by the U.S. and Britain, with assets linked to his group frozen or individuals detained in jurisdictions including Singapore, South Korea, Hong Kong, and Taiwan.
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