Cambodian anti-corruption officials say fugitive scam kingpin funneled $250M overseas, with only thousands likely recoverable

Chinese national Zhang Jian Qiang, a suspected ringleader of a large-scale online fraud operation known by the nickname "The Bald," moved more than $250 million in cryptocurrency out of Cambodia before fleeing the country, according to a report from the Anti-Corruption Unit (ACU).

ACU spokesperson Soy Chan Vichet told reporters that Zhang, also identified as Chai Youyuan, used an OKX Hot Wallet to transfer 250,605,000 USDT — roughly $250.6 million — to senior associates abroad. The vast majority of the proceeds were shipped out of the Kingdom almost as quickly as they were collected.

Only a Fraction Remains in Cambodia

Approximately 90 per cent of the stolen funds were moved overseas almost immediately, Chan Vichet explained. The small remainder was used to sustain ongoing operations, including what investigators allege were bribes paid to local officials. Authorities say only tens of thousands of dollars are believed to still be in the country and subject to seizure if traced.

The ACU found that Zhang maintained more than 10 cryptocurrency accounts. Some of these were used to make domestic payments to associates, including immigration officer Phe Phatpheng and Ream Rom, the commune chief of Prek Ksach in Koh Kong province.

Intermediaries and Local Accomplices

Those domestic transfers were routed through Lay Sokong, operator of the Sok Kong 148 money exchange in the Borey Peng Huoth Boeung Snor complex in Phnom Penh's Chbar Ampov district. A case against Sokong was brought to court last week, according to Chan Vichet.

Sokong allegedly facilitated cash payments to several collaborators: commune chief Ream Rom, who permitted a 42-member scam syndicate to operate from his property; district deputy police chief Chin Sophean, accused of colluding with the group; and immigration officer Phe Phatpheng, alleged to have helped smuggle scammers into Cambodia through Techo International Airport.

Zhang also reportedly paid two additional associates, Chea Veasna and Chea Soth — also known as Meng.

Associates in Custody, Kingpin Still at Large

While Zhang himself remains a fugitive, all of his known Cambodian accomplices have been arrested. They face charges of online fraud, conspiracy, and money laundering.