Cambodia Liquidates Bank Owned by Chen Zhi, the Largest Crypto Fraudster in ASEAN

JAKARTA - The Cambodian central bank has liquidated a bank founded by Chen Zhi, a young Cambodian tycoon and perpetrator of an alleged large-scale international online (scam) crypto fraud.

Citing AFP, the bank is called Prince Bank. As a result of liquidation, all kinds of banking services of the bank, including receiving deposits and issuing credit, were suspended.

The central bank or the National Bank of Cambodia (NBC) announced the liquidation on Thursday this week and appointed auditor Morisonkak MKA as the liquidator.

Although liquidated, NBC stated that Prince Bank customers can withdraw deposits as usual by preparing the necessary documents.

It was added that debtors must continue to meet their loan obligations as usual.

Prince Bank is known to be a subsidiary of Chen's Prince Holding Group.

Cambodian authorities arrested Chen, who was born in China, after he went on the run and extradited him to China on Tuesday this week.

Since announcing it had arrested Chen, Chinese authorities have not provided any information.

Previously, the US Department of Justice also charged Chen with online fraud and money laundering carried out through a network from Cambodia.

Chen is also suspected of being the boss of a 10-camp control in Cambodia where forced labor involves many migrant workers who are victims of human trafficking forced to run a large-scale pig butchering online fraud scheme in ASEAN or Southeast Asia.

If convicted of charges of leading a massive online fraud operation and money laundering, Chen faces up to 40 years in prison in the US.

Chen's assets worth USD14 billion or around Rp224 trillion in the form of bitcoin have been seized by the US government as part of the investigation.