US issues more sanctions against Prince Group scam center affiliates
The US Treasury Department has sanctioned dozens of individuals and companies linked to the Prince Group scam operation across Cambodia, Madagascar and other countries.
The sanctions specifically target four people and 41 companies connected to the Prince Group, a Cambodian corporation accused of operating a billion-dollar scam operation. The company allegedly ran hundreds of compounds in Cambodia where workers and human trafficking victims were forced to conduct cyberscams and steal billions from victims in the U.S., Europe and China.
Prince Group was dismantled earlier this year following the arrest and extradition of its CEO Chen Zhi to China. The new sanctions focus on the extensive network of shell companies the organization created to continue laundering money earned through fraudulent activities.
Money laundering network
Treasury officials stated that Prince Group employees attempted to evade previous sanctions by transferring funds to shell companies, relatives, or assistants. Rather than using a single corporate structure, senior executives utilized layers of offshore holding companies, foreign entities, nominee directors, and corporate service providers to maintain control over assets while concealing beneficial ownership.
Today's designations target key components of that network, including companies and individuals that have facilitated corporate administration, managed offshore entities, and provided business services to senior Prince Group TCO officials.
Key figures targeted
Among those sanctioned is Qiu Yong, a senior Prince Group official who operated multiple shell companies in the British Virgin Islands and Hong Kong. Qiu, who holds passports from Cambodia, St. Lucia and Turkey, helped launder funds through money lending services and business ventures including wine companies.
Qiu's assistant, Zhao Mengyao, was also sanctioned, with investigators linking her to other previously sanctioned Prince Group officials. Cambodian nationals He Yujing and Visal Pang were accused of holding property on behalf of sanctioned official Chen Bo, who transferred his Japanese and Cambodian properties to them before being sanctioned.
Madagascar connection
The Treasury Department also sanctioned Chui Kok Wa for leading a scam compound in Madagascar that was disrupted earlier this year. Chui was indicted last week after prosecutors accused him of fleeing Cambodia and restarting operations on the African island this summer.
He allegedly stole $516,695 from 74 cryptocurrency wallets belonging to victims across multiple U.S. states. The stolen funds were transferred to wallets controlled by Chui on platforms like Binance before being sent to accounts held by individuals in China.
Global impact
Human trafficking victims of Prince Group were forced to conduct cryptocurrency scams, romance schemes and other online frauds. The company maintained deep ties with the Cambodian government and operated freely until international pressure from the U.S., China and Thailand prompted authorities to raid the scam compounds.
Treasury Secretary Scott Bessent emphasized the goal of dismantling every layer of these organizations. "Cyber scam syndicates continue to steal billions of dollars from American victims while relying on sophisticated international business networks to launder their illicit proceeds," he stated.
Following Zhi's arrest, chaotic scenes unfolded in Cambodia as both human trafficking victims and cyber scam compound workers fled jail-like facilities and crowded embassies seeking assistance. China has executed multiple scam compound leaders over the past two years, though the status of Zhi's case remains unknown.
Related
