TechFlow news, on October 25, according to Jiemian News, Chen Zhi, accused by U.S. judicial authorities as the "mastermind behind a transnational cyber fraud empire," has invested in 12 domestic companies so far. Among them, four companies are marked as "deregistered" and one as "revoked." The company with the largest shareholding and investment amount by Chen Zhi is Chongqing Quspeed Infinite Equity Investment Fund Management Co., Ltd. (Quspeed Fund), which remains active. According to Tianyancha, Quspeed Fund was established in 2015, with its first-phase fund reaching 500 million RMB, providing financial support to Chinese internet startups and enterprises. The company's registered capital is 50 million RMB, with Chen Zhi holding a 70% stake. As of now, Quspeed Fund has not changed its name. The Chongqing Securities Regulatory Bureau stated that after Quspeed Fund lost its private fund management qualification in December 2022, it repeatedly urged the company to change its name and issued multiple public risk warnings.
In addition, before the joint indictment by the UK and US, there had already been crackdowns on Chen Zhi's criminal group in China: In 2020, Beijing Public Security Bureau established a special task force, Case 5.27, to investigate the "Cambodia太子Group major cross-border online gambling crime syndicate." In 2023, Wangcang Court in Sichuan Province held a trial for a major cross-border online casino operation case. A suspect, Yuan Muhua, was found to have partnered with individuals linked to the太子Group since 2016 to operate an online gambling platform targeting Chinese citizens, involving over 5 billion RMB in illicit funds.
