Cambodian police raid Prince Plaza in Phnom Penh, detaining over 100 people

On May 21, according to Caixin, after Chen Zhi, the founder of Cambodia's Prince Group, was escorted back to China, the disposal of his related assets has accelerated. According to Cambodia's Phnom Penh Post, police recently raided Phnom Penh Prince Plaza, suspected of operating telecom fraud, detaining over 100 people, 82 of whom were Chinese nationals. Law enforcement also seized a large number of electronic devices, including 800 mobile phones and over 100 computers. The Cambodian Anti-Technology Crime Committee stated that according to preliminary investigations, these suspects are suspected of defrauding victims in Cambodia and other countries through fake investment schemes. Previous reports indicated that the Hong Kong High Court had approved a Mareva injunction against Chen Zhi and 42 other individuals and several companies, freezing approximately HK$9 billion in assets. This includes Chen Zhi's 13 bank accounts in Hong Kong, as well as 17 companies he effectively controls in the British Virgin Islands (BVI) and Hong Kong. The company with the largest amount of frozen funds is Prince Global Holdings Company, registered in the BVI, with over HK$1.66 billion frozen.