US Targets Shell Company Network Behind Prince Group Scam Compounds in Third Round of Sanctions

The US Treasury Department has sanctioned four people and 41 companies linked to Prince Group, a Cambodian company accused of running a billion-dollar scam operation. The targets are connected to scam compounds in Cambodia, Madagascar and several other countries across Southeast Asia and Africa. Prince Group is accused of running hundreds of compounds in Cambodia, where workers and human trafficking victims were forced to carry out cyberscams that stole billions of dollars from people in the US, Europe and China.

This is the third round of sanctions against the group. The US previously confiscated more than $15 billion in cryptocurrency from the company and its CEO, Chen Zhi, who was arrested and extradited to China. Prince Group was dismantled earlier this year. Treasury officials said the new measures were needed because employees had tried to avoid earlier sanctions by moving funds to shell companies, relatives or assistants.

The latest action focuses on the network of offshore holding companies, nominee directors and corporate service providers that helped hide who really owned assets. Those sanctioned include Qiu Yong, a senior official who ran shell companies in the British Virgin Islands and Hong Kong and used money lending services and businesses such as wine companies to launder funds. His assistant, Zhao Mengyao, was also sanctioned. This summary covers only the opening of the original report.