In brief – The U.S.
Treasury sanctioned four individuals and 41 entities it says support Prince Group, a Cambodian conglomerate accused of running crypto scam compounds. – The targets include Hong Kong and British Virgin Islands companies and the wife of a Prince Group executive, who allegedly received his Tokyo mansion. – Treasury also sanctioned a Malaysian man who it said ran a Madagascar-based scam network that defrauded Americans of more than $400,000 in crypto
The U.S. Treasury Department has sanctioned four individuals and 41 entities that it says support Prince Group, the Cambodian conglomerate accused of running scam compounds that use trafficked workers to defraud victims through crypto investment and romance scams. The new designations, announced on Thursday by the Office of Foreign Assets Control (OFAC), target the offshore companies, nominee owners and administrators that Treasury says have helped Prince Group executives conceal assets and evade earlier 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.