A rich businessman accused of masterminding a massive cryptocurrency scam in which trafficking people were enticed to forced labor camps in order to defraud victims worldwide has been extradited to China, according to Cambodia.
Following a multi-month collaborative investigation into international crime, Chen Zhi was one of three Chinese nationals detained on January 6, according to Cambodia. In October of last year, the United States accused the 37-year-old of operating online frauds from Cambodia that allegedly took billions in cryptocurrency. His multinational corporate empire, Prince Group, was also sanctioned by the UK. Additionally, Prince Bank, a division of Prince Group, has had its operations suspended by Cambodian authorities.
The National Bank of Cambodia announced on Thursday that, although the bank has been placed under liquidation and prohibited from providing new banking services, clients can still make withdrawals and settle loans.
Chen Zhi was described as “the head of a major cross-border gambling and fraud syndicate… suspected of multiple crimes, including operating casinos, fraud, illegal business operations and concealing criminal proceeds” by China’s state media, which also confirmed his extradition. He was “placed under coercive measures in accordance with the law,” according to CCTV.
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