Key facts
- OFAC designated four individuals and 41 entities it says support Cambodia's Prince Group.
- Treasury said the targets include offshore companies, nominee owners and administrators helping executives conceal assets.
- Qiu Yong was sanctioned over British Virgin Islands and Hong Kong companies Treasury says he controls for Prince Group.
- He Yujing, wife of sanctioned executive Chen Bo, received his Tokyo mansion after the October 2025 sanctions, per Treasury.
- Chui Kok Wa, a Malaysian national based in Madagascar, was designated over a network Treasury says defrauded Americans of more than $400,000.
- Treasury said the action was coordinated with the FBI, the Justice Department's Scam Center Strike Force and the U.S. Attorney's Office for the District of Alaska.
The U.S. Treasury Department's Office of Foreign Assets Control sanctioned four individuals and 41 entities on Thursday, November 5, 2026, saying they support Prince Group, the Cambodian conglomerate accused of running scam compounds that use trafficked workers to defraud victims through crypto investment and romance scams.
Treasury said the designations target offshore companies, nominee owners and administrators that it says have helped Prince Group executives conceal assets and evade sanctions imposed in October 2025 and June 2026. "Cyber scam syndicates continue to steal billions of dollars from American victims while relying on sophisticated international business networks to launder their illicit proceeds," Treasury Secretary Scott Bessent said.
Among those sanctioned is Qiu Yong, who Treasury said controls a network of British Virgin Islands and Hong Kong companies on behalf of Prince Group, including money lenders and wine businesses, and who has worked for a company controlled by Prince Group chairman Chen Zhi. His personal assistant, Zhao Mengyao, was also designated.
OFAC also targeted two people it said are holding property for, or running companies with, Prince Group executive Chen Bo, who was sanctioned in June. They include his wife, He Yujing, to whom Chen Bo transferred ownership of his Tokyo mansion after the October 2025 sanctions, according to Treasury, and associate Visal Pang, who controls 11 Cambodian companies spanning construction, logistics, a hotel and a "super app." Eleven companies still controlled by Chen Bo were also sanctioned, including Prince International Airlines and CB General Insurance.
Further entities in Singapore, Mauritius and Malaysia were sanctioned for links to Prince Group associate Dai An, along with a Singapore media company owned by alleged Prince Group finance chief Thet Li. Separately, OFAC designated Chui Kok Wa, a Malaysian national based in Madagascar, who Treasury said led a network of scammers that used crypto and other technologies to defraud Americans of more than $400,000.
Treasury said the action was coordinated with the FBI, the Justice Department's Scam Center Strike Force, which has reported $580 million in crypto seizures and freezes, and the U.S. Attorney's Office for the District of Alaska, with help from authorities in the British Virgin Islands and the UK. The U.S. is seeking the forfeiture of about $14 billion in Bitcoin tied to Prince Group, while UK authorities have frozen the London penthouse of Thet Li, Decrypt reported. Prince Group has denied the allegations.