A Prince Bank branch in Phnom Penh, with founder Chen Zhi inset. - FB
PHNOM PENH: Following the arrest of its founder Chen Zhi, Prince Bank has been suspended from providing new banking services, including accepting deposits and granting loans.
Morisonkak MKA Audit-Accounting Co, Ltd has been authorised to control and manage all operations and assets of Prince Bank Plc. effective from Thursday (Jan 8).
The National Bank of Cambodia (NBC) announced today: "Customers with deposits at Prince Bank Plc may withdraw their funds as usual by preparing the necessary documents.
These requests will be processed based on priority, in accordance with the Law on Banking and Financial Institutions.
Meanwhile, borrowers from Prince Bank Plc. must continue to fulfil their repayment obligations as normal.”
The NBC and relevant ministries and institutions will continue to monitor the performance of the provisional administrator with the highest level of vigilance to protect the interests of depositors and other customers, it added.
The Ministry of Interior confirmed the arrest of Chen Zhi, the founder of Prince Bank, along with Xu Ji Liang and Shao Ji Hui, and their deportation to the China on Jan 6. All three individuals are implicated in large-scale online fraud, as charged by a US court.
In a Jan 7 press release, the ministry stated that this cooperation to combat transnational crime was conducted at the request of Chinese authorities.
Chen Zhi, who had acquired Cambodian citizenship, had his citizenship revoked by a Royal Decree issued by the King in December 2025, based on the Law on Nationality of the Kingdom of Cambodia, added the ministry.
Many Cambodian citizens have applauded the arrest of Chen Zhi and his associates, which they believe is an encouraging sign of an intensified crackdown on online scam operations which will allow Cambodia to maintain a clean reputation and attract investment.
Chen Zhi is of Chinese origin and has been charged by the US with fraud and money laundering in connection with the operation of a multi-billion-dollar online fraud network based in Cambodia.
In October, US authorities unsealed charges against Chen Zhi, alleging that he controlled compounds in Cambodia where trafficked workers were forced to conduct cryptocurrency fraud schemes, amassing billions of dollars.
He faces up to 40 years in prison if convicted in the US on charges of wire fraud and conspiracy to commit money laundering. The case involves approximately 127,271 Bitcoins, which have been seized by the US. Currently, these digital assets have a market value of over $11 billion.
Yang Peou, secretary-general of the Royal Academy of Cambodia, welcomed the arrest of Zhi and his associates, noting that Cambodian authorities have been cracking down on fraud crimes for many years, not just in the case of Zhi.
“This arrest contributes to Cambodia's reputation on the international stage, in diplomacy and in cooperation to combat online scams. However, this is not Cambodia's sole effort; Cambodia has done a lot already. It is just that Chen Zhi is a key figure sought by the US and UK,” he said.
He added that Cambodia must further increase operations to crack down on online scams so that the country can maintain a clean image.
This will help Cambodia attract capital from major countries — “clean” investments — that will ensure international cooperation proceeds smoothly. A strong economy relies on investment from reputable companies. - The Phnom Penh Post/ANN
