Cambodia has extradited alleged "scam kingpin" Chen Zhi to China, following his arrest in the country last week. Chen is a Chinese-born tycoon who faces up to 40 years in prison if convicted on wire fraud and money laundering charges in the US.
Chen's case stems from his alleged operation of a multibillion-dollar online scam network that used forced labour compounds across Cambodia. According to US prosecutors, trafficked workers were held in prison-like facilities surrounded by high walls and barbed wire, where they were forced to carry out cryptocurrency fraud schemes that netted billions of dollars.
The Prince Group, a multinational conglomerate founded by Chen, was targeted with asset confiscations by authorities in Europe, the US, and Asia since the US indictment and sanctions in October. The firm has denied the allegations, but US prosecutors claim it served as a front for one of Asia's largest transnational criminal organizations.
Cambodian authorities arrested three Chinese nationals, including Chen Zhi, Xu Ji Liang, and Shao Ji Hui, on Tuesday, following several months of joint investigative cooperation with Chinese authorities. The operation was carried out within the scope of combating transnational crime, according to a statement from Cambodia's interior ministry.
Chen's Cambodian nationality was revoked by a Royal Decree in December, rendering him stateless. He faces charges involving approximately 127,271 bitcoins seized by Washington, worth more than $11 billion at current prices.
The schemes used by Chen and his accomplices target victims worldwide, causing billions of dollars in losses. Scam centres across Cambodia, Myanmar, and the region use fake job ads to attract foreign nationals – many of them Chinese – to purpose-built compounds, where they are forced to carry out online fraud.
Chen's involvement with the Cambodian government is also under scrutiny, having served as an adviser to the prime minister and his father, former leader Hun Sen. Experts say that Cambodia hosts dozens of scam centres with tens of thousands of people perpetrating online scams – some willingly and others trafficked.
Chen's case stems from his alleged operation of a multibillion-dollar online scam network that used forced labour compounds across Cambodia. According to US prosecutors, trafficked workers were held in prison-like facilities surrounded by high walls and barbed wire, where they were forced to carry out cryptocurrency fraud schemes that netted billions of dollars.
The Prince Group, a multinational conglomerate founded by Chen, was targeted with asset confiscations by authorities in Europe, the US, and Asia since the US indictment and sanctions in October. The firm has denied the allegations, but US prosecutors claim it served as a front for one of Asia's largest transnational criminal organizations.
Cambodian authorities arrested three Chinese nationals, including Chen Zhi, Xu Ji Liang, and Shao Ji Hui, on Tuesday, following several months of joint investigative cooperation with Chinese authorities. The operation was carried out within the scope of combating transnational crime, according to a statement from Cambodia's interior ministry.
Chen's Cambodian nationality was revoked by a Royal Decree in December, rendering him stateless. He faces charges involving approximately 127,271 bitcoins seized by Washington, worth more than $11 billion at current prices.
The schemes used by Chen and his accomplices target victims worldwide, causing billions of dollars in losses. Scam centres across Cambodia, Myanmar, and the region use fake job ads to attract foreign nationals – many of them Chinese – to purpose-built compounds, where they are forced to carry out online fraud.
Chen's involvement with the Cambodian government is also under scrutiny, having served as an adviser to the prime minister and his father, former leader Hun Sen. Experts say that Cambodia hosts dozens of scam centres with tens of thousands of people perpetrating online scams – some willingly and others trafficked.
127k bitcoins worth $11billion is a lot 
and the fact that 3 chinese nationals were arrested in cambodia after joint investigation w/ china authorities is interesting 
did u know cambodia hosts dozens of scam centres with tens of thousands of people perpetrating online scams? 
apparently chen zhi was stateless b4 due to revoked cambodian nationality 
40 yrs in prison seems like a pretty good sentence for wire fraud & money laundering 
and btw, china's got some serious connections w/ cambodia authorities 
but what's even crazier is that his whole operation used forced labor compounds across cambodia where trafficked workers were being held against their will 
it's like, billions of dollars in losses for victims worldwide and i'm just thinking about the poor people who are suffering because of this guy's greed 
especially with Chen having ties to the government, i mean what a tangled web of deceit 
Chen Zhi's case is getting crazy! I remember when Bitcoin was just starting out, around 2017 or so... it's amazing how far its value has skyrocketed 
But what really gets me is the fact that he's a stateless guy now, thanks to Cambodia revoking his nationality 
And those scam centres in Cambodia? Unbelievable 
. and now the prince group is getting hit hard with asset confiscations... this whole thing just gets more complicated by the day 
. i'm not saying cambodia didn't do its part, but china's involvement feels a bit suspicious 
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. I mean, we're talking about people being held in prison-like facilities and being forced to carry out online fraud schemes... it's like something straight out of a bad movie 
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. Like, how does that even happen? And what about all those people who were scammed by him? Do they ever get any justice? 
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... like, how many more people are out there perpetrating these crimes? And what can be done to stop it? 