Washington DC - The US imposed sanctions on dozens of companies and individuals linked to an alleged Cambodia-based cyberscam group, as well as a network in Madagascar that targeted Americans.
The Treasury Department announced on Thursday that it is sanctioning four people and 41 companies tied to the Prince Group, a Cambodian firm accused of running a billion-dollar cyberscam operation.
The Southeast Asian country has emerged as a hub for crime syndicates running fake romantic relationship and cryptocurrency investment schemes in which scammers – some willing, others trafficked – defraud internet users around the world.
The four newly sanctioned individuals include Qiu Yong, a senior Prince Group official who allegedly ran multiple companies in the British Virgin Islands that control a network of Hong Kong firms "involved in money lending and other business ventures," the Treasury said in a press released published online.
Qiu, who has passports from Cambodia, St. Lucia, and Turkey, helped Prince Group launder its funds through an array of money-lending services and business ventures like wine companies, it said.
Cambodian authorities have said he is among at least six Prince Group ringleaders arrested, while casinos, buildings, and other real estate valued at nearly $1 billion have been frozen. The Prince Group has denied any involvement in cyberscams.
The US Treasury also sanctioned Malaysian Chui Kok Wa for his alleged role as the leader of a scam network in the African island nation of Madagascar.
"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 in a statement.
"Treasury remains committed to dismantling every layer of these organizations – from their leadership to the corporate structures and financial facilitators that enable them to operate with impunity."