● Covered by 1 source · 1 reportMedium impact1 neutral
US Sanctions 45 Entities Linked to Prince Group Scam Operations
Key points
- US sanctioned 4 individuals and 41 companies.
- Entities linked to Cambodia's Prince Group scam operations.
- Prince Group accused of running billion-dollar cyber scams.
- Sanctions target shell companies for money laundering.
New Sanctions Against Prince Group Affiliates
The US Treasury Department issued sanctions against four individuals and 41 companies on Thursday. These entities are tied to scam compounds in Cambodia, Madagascar, and other locations across Southeast Asia and Africa. The sanctions specifically target affiliates of the Prince Group, a Cambodian company previously accused of orchestrating a billion-dollar scam operation.
Prince Group's Operations and Previous Actions
The Prince Group is alleged to have operated hundreds of compounds in Cambodia where victims of human trafficking were forced to conduct cyberscams, defrauding individuals in the US, Europe, and China. The group was reportedly dismantled earlier this year following the arrest and extradition of its CEO to China. This marks the third round of sanctions against the Prince Group, with previous actions including the confiscation of over $15 billion in cryptocurrency from the company and its CEO, Chen Zhi.
Targeting Evasion Tactics
These latest sanctions address attempts by Prince Group employees to circumvent earlier measures. Treasury Department officials stated that the group has been offloading funds to shell companies, relatives, or assistants to maintain access to scam proceeds. The new measures aim to disrupt this network of offshore holding companies, foreign entities, and nominee directors used to obscure beneficial ownership and control assets.
Key Individuals Sanctioned
Among the sanctioned individuals is Qiu Yong, a senior Prince Group official who managed multiple shell companies in the British Virgin Islands and Hong Kong. Qiu, holding passports from Cambodia, St. Lucia, and Turkey, facilitated money laundering through various services, including wine companies. His assistant, Zhao Mengyao, was also sanctioned due to her connections with other previously sanctioned Prince Group officials.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
The US Treasury Department sanctioned four individuals and 41 companies connected to the Prince Group, a Cambodian company accused of operating a billion-dollar cyber scam network. These sanctions target shell companies used to launder funds after previous attempts to dismantle the operation, aiming to disrupt the group's continued access to illicit gains.