Chen Zhi, founder of Cambodia’s Prince Group, has been formally arrested six months after being brought back to China, according to an Odaily report citing Caixin. The report said the arrest was officially approved on July 6. Compared with the allegations cited at the time of his return, the charge of concealing or disguising criminal proceeds was removed, while copyright infringement and intentional injury were added. The report also described Chen as the builder of a global telecom fraud network centered on the “Jinbei Park” complex over several years. It said his operation generated massive wealth, and that Bitcoin seized by the United States alone was worth $15 billion, or about 103.5 billion yuan. China’s Ministry of Public Security said in a notice released in January this year that the criminal group linked to Chen was suspected of operating casinos, fraud, illegal business operations, and concealing or disguising criminal proceeds, among other offenses.
Chen Zhi, founder of Cambodia’s Prince Group, has been formally arrested six months after being extradited back to China, according to Odaily, which cited Caixin.
The report said the arrest was officially approved on July 6. Compared with the allegations cited when Chen was first brought back, the charge of concealing or disguising criminal proceeds was dropped. Copyright infringement and intentional injury were added.
The report said Chen spent years building a global telecom fraud network centered on “Jinbei Park.” It added that Bitcoin confiscated by the United States alone was worth $15 billion, or about 103.5 billion yuan.
China’s Ministry of Public Security said in a notice issued in January this year that the criminal group linked to Chen was suspected of operating casinos, fraud, illegal business operations, and concealing or disguising criminal proceeds, among other crimes.
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