Cambodia extradites alleged scam mastermind to China

Cambodian authorities say they arrested three Chinese nationals, including businessman Chen Zhi, and extradited them to China; Prince Bank, linked to his Prince Group, has been suspended and placed under liquidation while customers can still withdraw money and repay loans.

Cambodian authorities say they arrested three Chinese nationals on 6 January and have extradited them to China. One of the people named by officials is businessman Chen Zhi, who has been the subject of earlier US charges alleging large-scale internet fraud. Cambodian regulators have suspended Prince Bank, a unit linked to the Prince Group, and placed the bank into liquidation while permitting customers to withdraw funds and repay loans. His Cambodian citizenship was revoked by royal decree last month. Key facts: - Cambodian authorities announced the arrest on 6 January and said three Chinese nationals, including Chen Zhi, were extradited to China. - Prince Bank, described in reports as linked to Chen's Prince Group, has been suspended, placed into liquidation, and banned from offering new banking services; customers may still withdraw money and repay loans. - US authorities previously charged Chen Zhi in October with fraud and money-laundering, and reported large bitcoin seizures linked to the case. - Cambodian officials say Chen's Cambodian nationality was revoked by royal decree last month. Summary: Cambodian officials report the arrest and extradition of Chen Zhi and two others and the suspension and liquidation of a bank tied to his business group. The matter connects to prior US charges and reported asset seizures, and his citizenship was revoked. Further developments are undetermined.