U.S. Treasury Targets 45 Individuals and Entities Linked to Alleged Prince Group Crypto Scams

U.S. Treasury Sanctions on Prince Group

The U.S. Treasury Department has imposed sanctions on 45 entities, including four individuals, involved in facilitating the operations of the Prince Group. This Cambodian conglomerate has been implicated in running fraudulent operations that exploit trafficked laborers for scams related to cryptocurrency investments and romantic scams. The sanctions were announced on Thursday by the Office of Foreign Assets Control (OFAC) and aim to address the offshore companies and their intermediaries that assist Prince Group’s leadership in hiding assets and bypassing previous sanctions from late 2025 and mid-2026.

Key Individuals and Operations

Treasury Secretary Scott Bessent highlighted the ongoing issue of cyber scam networks, which are estimated to have stolen billions from American citizens while utilizing complex international business structures to launder illicit funds.

One of the key individuals sanctioned is Qiu Yong, who is believed to oversee a network of businesses in the British Virgin Islands and Hong Kong on behalf of Prince Group, including financial lending and wine enterprises. Qiu has also been associated with Chen Zhi, the chairman of Prince Group. His assistant, Zhao Mengyao, was also placed on the sanctions list.

In addition to Qiu, OFAC has designated two individuals associated with Chen Bo, a Prince Group executive who was previously sanctioned in June. This includes his spouse, He Yujing, who reportedly received ownership of Chen Bo's Tokyo property following prior sanctions, and Visal Pang, who manages several Cambodian enterprises involved in various sectors such as construction and hospitality.

Global Impact and Law Enforcement Coordination

The sanctions extend to numerous entities in regions like Singapore, Mauritius, and Malaysia, linked to Prince Group associate Dai An, as well as a Singapore-based media firm tied to Thet Li, who is suspected to serve as the group's finance chief.

Furthermore, OFAC has sanctioned Chui Kok Wa, a Malaysian residing in Madagascar, for leading a scam operation that defrauded Americans of over $400,000 using digital currencies and innovative technology. The U.S. government is pursuing the forfeiture of approximately $14 billion in Bitcoin associated with Prince Group, and UK authorities have reportedly frozen the assets of Thet Li, including a high-end property in London.

In January, Chen Zhi was apprehended in Cambodia alongside two other Chinese nationals, after which he was extradited to China, where he is allegedly identified as a central figure in a significant cross-border gambling and fraud operation. The Cambodian government had previously annulled his citizenship the month prior, leading to the liquidation of Prince Bank, part of the conglomerate.

The latest actions were coordinated with various law enforcement agencies, including the FBI and the Justice Department’s Scam Center Strike Force, which has identified $580 million in cryptocurrency seizures. Additionally, assistance was provided by authorities in the British Virgin Islands and the UK.

Broader Context of Scam Networks

According to Interpol, scam compound networks present a significant global threat, involving elements of human trafficking and coerced labor to orchestrate large-scale online fraud.

The U.S. Treasury's Financial Crimes Enforcement Network previously reported roughly $12.7 billion in financial activities tied to alleged cryptocurrency investment scams predominantly operated by crime syndicates in Southeast Asia. Recent estimates from the UN Office on Drugs and Crime suggest that scams within East and Southeast Asia, Australia, and New Zealand caused losses of between $88.3 billion and $114.1 billion in 2025, largely due to fraudulent investment schemes conducted from compounds housing individuals from around 80 nations.