US sanctions Cambodia scam affiliates and 41 companies in crackdown
The US Treasury Department imposed sanctions on Thursday against four individuals and 41 companies tied to a Cambodia-based cyberscam syndicate and a Madagascar network, targeting financial facilitators who defrauded international internet users. Global financial institutions, digital asset traders, and cross-border investors face heightened scrutiny as Washington dismantles the infrastructure behind the Prince Group.
Frozen assets and extraditions follow billion-dollar cryptocurrency fraud investigations.
Cambodian authorities have frozen real estate, casinos, and buildings valued at nearly $1 billion while pursuing ringleaders linked to fake romantic relationship and cryptocurrency investment schemes. Treasury Secretary Scott Bessent stated that the department remains committed to dismantling every layer of these organizations, noting that syndicates continue to steal billions of dollars from victims. The sanctions target key operatives including Qiu Yong, who allegedly ran British Virgin Islands and Hong Kong firms to launder funds, and Malaysian national Chui Kok Wa, who led a Madagascar-based network that defrauded Americans of over $400,000 equivalent using cryptocurrencies.
The latest Treasury action follows the January extradition of Prince Group founder Chen Zhi to China, months after the conglomerate first faced US and UK government penalties for cyberscam operations.
