HONG KONG / LONDON (IT BOLTWISE) – Chen Zhi, a prominent businessman in Cambodia, is at the center of an international fraud scandal. US authorities accuse him of leading a criminal network that made billions through forced labor and cryptocurrency fraud. Despite the charges, Chen remains unmolested in Cambodia because the country does not have an extradition treaty with the United States.
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Chen Zhi, a Cambodia-based businessman, is accused by US authorities of running a wide-ranging criminal network. This network is said to have made millions of dollars daily through forced labor and cryptocurrency scams. The investigation led to the seizure of $15 billion worth of cryptocurrencies. Despite these allegations, Chen continues to enjoy freedom in Cambodia because the country does not have an extradition treaty with the United States.
Chen, originally from China’s Fujian province, quickly made a name for himself in Cambodia. He became known for his generous donations and investments in real estate and other sectors. His company, the Prince Group, is considered one of the largest conglomerates in the country. But behind the facade of charity and business success lies a criminal empire, according to US investigators.
The Prince Group is accused of acting as an umbrella organization for over 100 shell companies that laundered money in at least 12 countries. These activities are said to have taken place under the protection of powerful political figures. Experts do not see Chen as the typical mafia boss, but as the face of a state-protected criminal economy.
The revelations about Chen’s activities highlight Cambodia’s role as a hub for online fraud. Despite international criticism and reports of human rights violations in the fraud camps, the country’s government remains largely inactive. Analysts warn that Cambodia risks being seen as a global pariah if it does not take action against the criminal networks.
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