US Sanctions Prince Group, 41 Companies in Scam Crackdown
Treasury targets Cambodian conglomerate and affiliated firms accused of running a billion-dollar cyberscam operation.
Updated on Nov. 6, 2026 in Financial Crime
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The US Treasury sanctioned four individuals and 41 companies tied to Cambodia's Prince Group, which is accused of running a billion-dollar scam operation. Separately, Treasury sanctioned Malaysian Chui Kok Wa for allegedly leading a scam network in Madagascar that defrauded Americans of more than $400,000.
Why it matters
The sanctions widen pressure on transnational cyberscam networks that use cryptocurrencies and shell companies to move money. Cambodian authorities have arrested Prince Group ringleaders and frozen assets, while the Prince Group denies any involvement in cyberscams.
The US Treasury has sanctioned four individuals and 41 companies tied to Prince Group, and Cambodian authorities have arrested at least six ringleaders and frozen nearly $1 billion in casinos and real estate. The Prince Group has denied involvement in cyberscams, and the extraction does not say whether charges have been filed against the sanctioned individuals.
The players
US Treasury
The US Treasury Department is the federal agency that administers economic sanctions and designated the individuals and companies tied to these scam networks.
Prince Group
Prince Group is a Cambodian conglomerate accused of running a billion-dollar scam operation, which it has denied.
Chen Zhi
Chen Zhi is the founder of Prince Group, who was extradited from Cambodia to China in January.
Chui Kok Wa
Chui Kok Wa is a Malaysian national whom the US Treasury sanctioned for allegedly leading a scam network in Madagascar.
The details
Qiu Yong, a senior Prince Group official, allegedly ran multiple companies in the British Virgin Islands that controlled Hong Kong firms used to launder group funds through money-lending and ventures including wine companies. Separately, Chui Kok Wa allegedly led a scam network in Madagascar that exploited cryptocurrencies and other cyber-enabled tools to defraud Americans.
Timeline
January: Prince Group founder Chen Zhi was extradited from Phnom Penh to China.
September: Cambodian Prime Minister Hun Manet pledged Cambodia would not be a safe haven for cyberscams.
Thursday: The US Treasury announced the sanctions on individuals and companies.
Big Picture
The action extends US Treasury sanctions authority, used against transnational criminal organizations, to cyberscam operations run through shell companies and cryptocurrency. It shows enforcement pressure moving from individual scammers to the corporate structures that hold their assets.
Individuals who transact with cryptocurrency or deal with unfamiliar overseas investment offers face heightened risk from scam networks like these. Americans defrauded by such schemes may seek recovery through law enforcement channels, though the extraction does not specify any recovery process.
The takeaway
Scam networks increasingly depend on layered corporate structures and digital currencies, so checking the registration and ownership of unfamiliar investment platforms is a practical safeguard. Coordinated sanctions and arrests across borders show that these operations are being pursued beyond their home countries.
Further reading
For related coverage, explore Financial Crime reporting on sanctions and money laundering cases.
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