US Sanctions Prince Group Affiliates Accused of Laundering Cyberscam Proceeds

The U.S. Treasury Department announced a third round of sanctions against Cambodia’s Prince Group network, targeting four people and 41 companies allegedly involved in laundering proceeds from online fraud. Authorities say offshore companies, financial facilitators and associates helped conceal ownership and maintain access to assets after earlier enforcement actions. Prince Group is accused of operating hundreds of compounds where workers, including human trafficking victims, were forced to conduct cryptocurrency scams, romance schemes and other fraud targeting people in the United States, Europe and China.

The measures follow the reported arrest and extradition to China of Prince Group chief Chen Zhi, after which the conglomerate largely ceased operations, and U.S. authorities’ seizure of more than $15 billion in cryptocurrency allegedly tied to the enterprise. Earlier asset freezes and seizures also spanned Britain and several Asian jurisdictions. In a November 2025 statement, Prince Group categorically denied wrongdoing by the company or Chen, calling the allegations baseless and the seizures unlawful. Treasury separately sanctioned Chui Kok Wa, an alleged scam-compound leader in Madagascar whom prosecutors accuse of stealing $516,695 from 74 cryptocurrency wallets associated with U.S. victims.