Chinese state television has broadcast footage of US-indicted tycoon Chen Zhi being escorted by armed police after his extradition from Cambodia. Chen, founder of the Prince Group conglomerate, was shown handcuffed and hooded as he was led off a plane at a Beijing airport by SWAT officers. State broadcaster CCTV described him as the 'leader of a major transnational gambling and fraud crime syndicate'.
The extradition was announced late Wednesday by Cambodia's interior ministry, following a months-long joint investigation with China. Chen, born in China, faces charges in the US for wire fraud and money-laundering conspiracy, with authorities alleging Prince Group operated as a front for a multibillion-dollar online fraud network. The group ran over 100 businesses in 30 countries, linked to scam centres in Cambodia and Myanmar that defrauded victims globally.
Cambodia's central bank on Thursday ordered the liquidation of Prince Bank, a lender founded by Chen, without giving a reason. This follows a series of asset freezes and seizures across Asia, including in Hong Kong and Singapore, where authorities froze or seized $354 million and $116 million respectively. Britain and the US imposed sanctions on Prince Group in October.
China's foreign ministry spokesperson Mao Ning said authorities were cooperating to combat cross-border telecom fraud, adding: 'China is willing to strengthen law enforcement cooperation with neighbouring countries, including Cambodia, to safeguard the safety of people's lives and property.' CCTV reported that Chen was wanted on suspicion of fraud and operating illegal casinos, and urged other members of the 'Chen Zhi criminal group' to surrender.
Prince Group previously denied US allegations, calling them baseless. Cambodia's interior ministry confirmed Chen's Cambodian citizenship had been revoked. A 2022 Chinese court document revealed that Beijing's public security bureau set up a special taskforce in 2020 to investigate individuals linked to Prince Group, labelling it a 'mega cross-border online gambling syndicate'.
