Washington: The United States has imposed fresh sanctions on four individuals and 41 companies accused of helping Cambodia-based Prince Group conceal and move proceeds generated through large-scale cyber fraud operations.
The US Treasury Department announced the measures on Thursday, targeting an international network of shell companies allegedly used to launder money obtained from scam centres operating across Southeast Asia and Africa. The action marks the third round of sanctions against Prince Group, following the seizure of more than $15 billion in cryptocurrency linked to its chairman, Chen Zhi.
Among those sanctioned is senior executive Qiu Yong, accused of managing offshore entities in the British Virgin Islands and Hong Kong to move illicit funds through lending services and commercial ventures. His assistant, Zhao Mengyao, has also been named in the latest action.
The remaining individuals, Cambodian nationals He Yujing and Visal Pang, allegedly held Japanese and Cambodian properties and businesses on behalf of previously sanctioned Prince Group official Chen Bo.
According to US officials, the network relied on relatives, nominee directors and overseas companies to bypass earlier restrictions and retain access to criminal proceeds.
Prince Group has been accused of operating hundreds of scam compounds in Cambodia, where trafficking victims were allegedly forced to carry out cryptocurrency fraud, romance scams and other online schemes targeting people worldwide.
In a separate action, Washington sanctioned Chui Kok Wa, accused of establishing a fraudulent operation in Madagascar after fleeing Cambodia. Prosecutors allege he stole $516,695 from 74 cryptocurrency wallets belonging to victims across several US states.
US Treasury Secretary Scott Bessent said the measures aim to dismantle the financial networks supporting international cybercrime syndicates.
