Treasury sanctions 45 more companies and people tied to Cambodia's Prince Group, targeting shell firms it says hid the group's scam proceeds

The U.S. Treasury has widened its net around Prince Group. The Office of Foreign Assets Control designated 45 targets on Thursday, November 5, four individuals and 41 companies that Treasury says let the Cambodian conglomerate's executives conceal assets and dodge the sanctions imposed on October 14, 2025 and June 23, 2026. Treasury describes Prince Group as a transnational criminal organization built on cyber-enabled fraud, money laundering and human trafficking, with proceeds from crypto investment and romance scams laundered through shell companies and digital asset transactions.

The names show how the money moved. Treasury says Qiu Yong controls a network of 14 British Virgin Islands and Hong Kong firms for the group, two of them money lenders and some tied to the wine trade, and that his assistant Zhao Mengyao serves as company secretary of several of them. He Yujing, wife of executive Chen Bo, received his Tokyo mansion after the 2025 designations, and associate Visal Pang controls 11 Cambodian companies. Eleven firms still controlled by Chen Bo, including Prince International Airlines and CB General Insurance, were also listed, along with entities in Singapore, Mauritius and Malaysia linked to Dai An and Greenbay Multi Media, a Singapore company wholly owned by executive Thet Li.

A separate designation hit Chui Kok Wa, a Malaysian national whose Madagascar-based scammers took more than $400,000 from Americans, including in digital assets. Treasury Secretary Scott Bessent said that "cyber scam syndicates continue to steal billions of dollars from American victims." All U.S. property of the targets is blocked, as is any company they own 50% or more. Decrypt reports that the U.S. is also seeking forfeiture of about $14 billion in bitcoin tied to the group, whose chairman Chen Zhi was arrested in Cambodia in January and extradited to China. Prince Group has denied the allegations.