Washington, DC [US], November 6 (ANI): The United States has imposed sanctions on four individuals and 41 companies associated with Cambodia's Prince Group over their alleged role in helping criminal networks conceal assets and circumvent existing restrictions through an offshore business network.
As noted by the US Treasury Department, the action focused on corporate structures and financial facilitators that sustained the group's operations following sanctions introduced in October 2025 and June 2026.
“Cyber scam syndicates continue to steal billions of dollars from American victims,” Treasury Secretary Scott Bessent said.
According to the Treasury, Prince Group-linked operations generated billions through cryptocurrency investment fraud, romance scams and various online schemes, with certain illicit operations relying on trafficked or coerced personnel stationed inside Southeast Asian scam compounds.
The recent targets allegedly assisted in concealing corporate ownership, managing offshore businesses and executing property transfers on behalf of previously sanctioned executives.
In a separate designation, the Treasury sanctioned Malaysian citizen Chui Kok Wa, alleging that he administered a Madagascar-based scam network responsible for defrauding US citizens of more than USD 400,000, although authorities refrained from linking him directly to the Prince Group network.
Previously, Prince Holding Group firmly dismissed accusations directed against the company and its chairman, Chen Zhi.
Chui already faces a separate US criminal proceeding, as the Justice Department announced a wire fraud conspiracy charge against him on October 27, describing him as the alleged mastermind behind an investment fraud scheme involving non-fungible tokens, or NFTs.
According to departmental disclosures, digital forensic evidence retrieved from Chui's mobile devices included employment agreements, operational shift rosters and bonus structures connected to illicitly acquired funds. Night shifts in Madagascar corresponded with standard daytime and evening hours in the United States.
Furthermore, prosecutors highlighted the recovery of specific protocols instructing operatives on methods to manipulate victims' emotions, alongside comprehensive personnel records and cryptocurrency wallet credentials.
Under Office of Foreign Assets Control regulations, blocking freezes apply to assets situated within the United States or held or controlled by US persons. However, such measures do not transfer ownership to the government. Consequently, the legal owner retains the title while remaining prohibited from making unauthorised transfers, withdrawals or commercial transactions. (ANI)
US targets offshore network behind alleged scams
