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Agence France-Presse

A Cambodian bank founded by accused scam boss Chen Zhi, who has been indicted by the United States over a multibillion-dollar fraud and extradited to China, was ordered liquidated on Thursday, Cambodia’s central bank said.
Prince Bank “has been placed under liquidation in accordance with the laws of the Kingdom of Cambodia”, the National Bank of Cambodia (NBC) said in a statement.
Prince Bank has been “suspended from providing new banking services, including accepting deposits and providing credit”, the statement said.
The NBC said it had appointed auditor Morisonkak MKA as the liquidator.
Prince Bank is a subsidiary of Chen’s Prince Holding Group, one of Cambodia’s largest conglomerates.
Customers who have deposits at Prince Bank “can withdraw money normally by preparing documents for withdrawal”, and borrowers “must continue to fulfil their obligations as normal”, the NBC added.
Chinese-born Chen was sanctioned by Washington and London in October for directing alleged cyber scams run by hundreds of workers trafficked into compounds in Cambodia.

Cambodian authorities said they arrested Chen and extradited him to China on Tuesday.
Chinese authorities have not commented on Chen’s arrest since it was announced on Wednesday.
The US Justice Department declined to comment on the operation.
Chen faces up to 40 years in prison if convicted in the US on wire fraud and money laundering conspiracy charges involving around 127,271 bitcoin seized by the US, worth more than US$11 billion at current prices.
Prince Group has denied the allegations.


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Cambodia

Cambodia dissolves accused scam tycoon Chen Zhi’s Prince Bank

A Prince Bank branch in Phnom Penh, Cambodia. Photo: AFP

Cambodian tycoon Chen Zhi. Photo: Prince Holding Group

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A woman counts US dollars and Japanese yen banknotes in Phnom Penh. Scam money’s reach extends far beyond the Mekong. Photo: AFP

A convoy of Lamborghinis leaves Bangkok en route to Pattaya. Scam proceeds wash up in the pool villas of Bangkok, the restaurants of Phnom Penh and the supercars of Vientiane. Photo: AFP

A photo circulated on social media in December, and reportedly taken in 2014, shows current Thai Prime Minister Anutin Charnvirakul (right) with a group of people including South African national “Ben Smith” (third from left). Photo: Facebook/sorrayuth9115

A satellite photo shows the KK Park complex in Myanmar’s eastern Myawaddy township in September before a recent crackdown. The border town opposite Thailand is a notorious cybercrime hub. Photo: Planet Labs PBC / AFP

Scam centre workers and victims sit next to dismantled IT equipment during a crackdown on a scam operation in Shwe Kokko, Myawaddy township, in February. Photo: AFP

How uneven borders fuel Myanmar’s vast and resilient scam economy

Advertisements for gambling sites and what appears to be Starlink satellite dishes on the roofs of buildings at the notorious KK Park complex in Myanmar’s eastern Myawaddy township, as pictured from Mae Sot district in Thailand’s border province of Tak, on September 17. Photo: AFP

A banner warning against scams at Menglian border port in China’s Yunnan province. It reads: “Scam tactics change daily – don’t listen, don’t believe, don’t transfer”. Photo: Xu Peng

View across the Moei River towards Shwe Kokko, a cluster of buildings in Myanmar opposite Mae Sot in Thailand. Photo: Xu Peng

Who is Cambodia’s Chen Zhi, the ‘untouchable’ tycoon linked to scam hubs?

The Prince International Plaza in Phnom Penh, Cambodia. Photo: AFP

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The central bank said the lender has been ‘suspended from providing new banking services, including accepting deposits and providing credit’


The central bank said the lender has been ‘suspended from providing new banking services, including accepting deposits and providing credit’.


Cambodia dissolves accused scam tycoon Chen Zhi’s Prince Bank

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The central bank said the lender has been ‘suspended from providing new banking services, including accepting deposits and providing credit’

The central bank said the lender has been ‘suspended from providing new banking services, including accepting deposits and providing credit’