The United States has expanded its sanctions against a Cambodia-based cyberscam network and its affiliates in Madagascar, targeting individuals and companies linked to fraudulent operations. On November 5, the US Treasury Department imposed sanctions on four people and 41 companies connected to the Prince Group, a Cambodian firm accused of running a billion-dollar scam operation. The group is alleged to have orchestrated fake romantic relationship and cryptocurrency investment schemes, defrauding internet users globally.
Among those sanctioned is Qiu Yong, a senior Prince Group official who allegedly managed multiple companies in the British Virgin Islands. These firms control a network of Hong Kong-based entities involved in money lending and other ventures. Qiu, who holds passports from Cambodia, St Lucia, and Turkey, is accused of helping the Prince Group launder funds through various business ventures, including wine companies.
The Prince Group’s founder, Chen Zhi, was extradited to China in January after the conglomerate faced sanctions from the US and British governments for its alleged scam activities. Cambodian authorities have arrested at least six Prince Group leaders and frozen assets worth nearly US$1 billion, including casinos and real estate. The Prince Group has consistently denied any involvement in cyberscams.
Additionally, the US Treasury sanctioned Malaysian Chui Kok Wa for his role in leading a scam network in Madagascar. This group exploited cyber-enabled technologies, including cryptocurrencies, to defraud Americans of over US$400,000. Despite Cambodian leader Hun Manet’s pledge to combat cyberscam operations, analysts suggest that the industry’s infrastructure remains largely intact.