According to the Cambodia China Times , Chen Zhi, founder and chairman of the Prince Group, has been arrested in Cambodia and recently repatriated to China for further investigation by the authorities.
Cambodian officials have not yet issued an official statement regarding the case. National Police spokesman Chhay Kim Khoeun did not respond to requests for comment from local media, while government spokesman Pen Bona stated he was unaware of the arrest and suggested the media contact the Ministry of the Interior.
Involving the largest fraud and forced labor case in US history
Chen Zhi, 37, has been under close scrutiny by the US government in recent years. The US State Department has formally filed charges against him, and the US Treasury Department and the UK Foreign and Commonwealth Office have also imposed sanctions on him, alleging his involvement in multiple forced labor parks and large-scale financial fraud activities in Asia.
The Prince Group reportedly operates numerous companies across multiple Asian countries, spanning real estate, hotels, finance, and e-commerce, and has rapidly expanded its reach since its establishment in 2015. US law enforcement agencies have designated the group as a "transnational criminal organization," stating that its operations extend to over 30 countries, making it one of the largest criminal networks in Asia.
The U.S. Department of Justice has frozen more than 120,000 bitcoins, worth approximately $15 billion.
Even more shockingly, U.S. prosecutors have filed a civil forfeiture lawsuit involving 127,271 bitcoins, which, based on the then-current cryptocurrency price, was valued at a staggering $15 billion. The U.S. Department of Justice has called this action "the largest asset forfeiture in history."
The U.S. believes that these Bitcoins are directly linked to financial fraud and money laundering activities, and are also involved in transactions with multiple entities under the Prince Group.
Prince Group Background and Chen Zhi's Rise to Power
Prince Group was registered in Cambodia in 2015, initially focusing on real estate development, but quickly expanding into multiple sectors such as hotels, banking, and technology, becoming one of the most influential business groups in the country. Chen Zhi also enjoyed a positive image in the local media due to his frequent involvement in charitable activities and corporate donations, and was once portrayed as a model of a successful entrepreneur.
However, as international attention has grown to Asian "fraud parks" and cybercrime, Prince Group's investment activities and fund flows have come under increasing scrutiny in recent years.
Next step: How will China handle the Chen Zhi case?
It remains unclear how Chinese authorities will handle the investigation into Chen Zhi, or whether they will cooperate further with the US in judicial matters. Given that this case involves international cross-border fraud and a large amount of cryptocurrency, further developments are expected.
The article, which reported that Chen Zhi, founder of Cambodia’s Prince Group, was arrested and repatriated to China for investigation, first appeared on ABMedia .
