Cambodia has extradited billionaire businessman Chen Zhi to China, who is accused of masterminding a vast cryptocurrency scam that involved trafficking workers into forced labor camps to defraud victims around the world.
Chen was among three Chinese nationals arrested on January 6 as part of a collaborative investigation into transnational crime. He faces charges from the US for running internet scams that reportedly stole billions in cryptocurrency.
The US Treasury Department claims to have seized around $14 billion worth of bitcoin linked to Chen, leading to sanctions on his global enterprise, the Prince Group. Earlier indictments labeled the operation as one of the largest financial takedowns in history.
In light of his indictment, Chen Zhi's location remained uncertain until Cambodia confirmed his arrest and extradition. The statement from Cambodia's interior ministry mentioned that he and his associates were sent to the People's Republic of China, although it did not disclose the specifics of where Chen had been detained.
Chen's Cambodian citizenship had been revoked just last month, having previously renounced his Chinese nationality to obtain it in 2014. His background in business, primarily through the Prince Group, has drawn scrutiny amid claims that his operations significantly contributed to the regional economy.
The scandal surrounding Chen Zhi has brought to light a broader issue of human trafficking in Southeast Asia, where many are lured under false pretenses into scam operations, often facing severe coercion and threats of violence.
Chinese authorities are also investigating the Prince Group, with reports describing it as a leading player in a major transnational online gambling syndicate based in Cambodia. As investigations continue, the impact of these actions waves across the region, with implications for the reputation and future of international business within Cambodia.
