According to statistics, Li Xiong, a core member of the Cambodian Prince Group involved in telecommunications fraud, is suspected of laundering more than 24 billion US dollars through the Huiwang Group over the past four years.
Reported by the official Chinese media, Li Xiong, a Chinese citizen and former chairman of the Huiwang Group under the Prince Group, is accused of various crimes such as operating illegal casinos, fraud, illegal business operations, and concealing criminal proceeds. On April 1, Li Xiong was deported from Phnom Penh, Cambodia back to China.
On April 3, Hong Kong’s “Ming Pao” reported that Li Xiong used the Huiwang Group to provide financial support and money laundering channels for criminal activities. According to statistics from the blockchain analysis and cryptocurrency analysis company Elliptic in London, since 2021, over 24 billion US dollars have been received in cryptocurrency wallets guaranteed by the Huiwang Group and used by its merchants, with the main service targets being telecommunications fraud and cybercrime.
It is reported that Huiwang Guarantee is the main money laundering tool of the Huiwang Group. Elliptic stated that before last spring, Huiwang Guarantee facilitated transactions of nearly 27 billion US dollars, with at least 24 billion US dollars passing through cryptocurrency wallets used by Huiwang Guarantee and its merchants.
On April 2, Panda Bank, a subsidiary of the Huiwang Group, initiated a phased redemption, with depositors’ lists and corresponding withdrawal dates already posted on-site, and processing batches according to the lists.
Prior to this, Chen Zhi, the founder and chairman of the Prince Group, was arrested in Cambodia in January of this year and promptly deported back to China.