Cambodia Arrests, Transfers Alleged Scam Boss to China
Key Developments
Authorities said Chen, along with two other Chinese nationals, Xu Ji Liang and Shao Ji Hui, were arrested and transferred to China. The ministry noted the extradition was carried out “within the scope of cooperation in combating transnational crime and pursuant to a request” from Beijing.
Chen, born in Fujian province in 1987, became a Cambodian citizen in 2014. His citizenship was revoked last month, clearing the way for his extradition.
He faces allegations of orchestrating schemes involving cryptocurrency fraud, human trafficking, and money laundering.
Financial Fallout
Shortly after Chen’s removal, the National Bank of Cambodia announced that Prince Bank Plc was “placed under liquidation and is no longer permitted to conduct banking operations, including accepting deposits or providing loans,” media reported.
Chen established Prince Bank in 2015 and expanded Prince Group into a sprawling conglomerate spanning real estate, financial services, and other sectors across more than 30 countries, according to media.
International Pressure
In October, U.S. prosecutors charged Chen with wire fraud conspiracy and money laundering, seizing approximately $15 billion in bitcoin they alleged belonged to him. He has since been sanctioned by both the United States and Britain. Authorities in Singapore, South Korea, Hong Kong, and Taiwan also seized assets or detained individuals linked to his network, media added.
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