Svmuureported that after Chen Zhi, founder of Cambodia's Prince Group, was repatriated to China, the disposal of his related assets has accelerated. According to Phnom Penh Post, police recently raided Phnom Penh's Prince Plaza, which was suspected of operating telecom fraud, detaining over 100 people, 82 of whom are Chinese nationals. Law enforcement also seized a large number of electronic devices, including 800 mobile phones and over a hundred computers. The Cambodia Committee for Combating Tech Fraud stated that based on preliminary investigations, these suspects are accused of defrauding victims in Cambodia and other countries through fake investment schemes. (Caixin)
Previously, the High Court of Hong Kong approved a restraining order against 42 individuals, including Chen Zhi, and multiple companies, freezing approximately HK$9 billion in assets. This includes 13 bank accounts held by Chen Zhi in Hong Kong and 17 companies he effectively controls in the British Virgin Islands (BVI) and Hong Kong. The largest amount of frozen funds, exceeding HK$1.66 billion, belongs to Prince Global Holdings, a company registered in the BVI.