U.S. and U.K. Impose Joint Sanctions on Cambodian Cybercrime Network, Cracking Down on Transnational Scam Syndicates

On October 14, 2025, the United States and the United Kingdom jointly announced one of the most extensive sanctions in Southeast Asian history, targeting a large-scale transnational cybercrime network. The main target of this operation is the Prince Group Transnational Criminal Organization (Prince Group TCO), based in Cambodia. The move marks the most significant joint action ever taken in the region to combat online fraud and human trafficking, which have caused global damages exceeding USD 16.6 billion.

The sanctions were the result of close cooperation between the U.S. Department of the Treasury, specifically the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN),
and the U.K. Foreign, Commonwealth & Development Office (FCDO).

Chen Zhi, Prince Group Chairman.

The legal measures primarily target Chen Zhi, also known as “Vincent,” a Chinese-Cambodian real estate tycoon aged around 37-38, the founder and chairman of Prince Holding Group, a major conglomerate in Cambodia. Chen, who holds multiple nationalities, including those of the U.K., Cambodia, Cyprus, and Hong Kong, has been identified by the U.S. Department of Justice (DOJ) as the “frontman” of one of Asia’s most influential transnational criminal organizations, built upon forced labor, human trafficking, and sophisticated online fraud schemes.

U.S. authorities allege that Chen was directly involved in operating forced labor camps in Cambodia, serving as hubs for scam centers spread across the region, including Myanmar and neighboring countries. Hundreds of trafficked victims were reportedly detained in “prison-like compounds” surrounded by high walls and barbed wire, where they were subjected to violent conditions and forced to conduct large-scale online scams.

The fraudulent schemes were highly organized, often beginning with fake job advertisements that lured foreign nationals to Cambodia under false pretenses of employment. Once trapped, victims were coerced into running cybercrime operations.

Among the most notorious scams was the “Pig Butchering” cryptocurrency investment fraud, in which perpetrators built long-term relationships with victims to gain trust before convincing them to “invest” in fake trading platforms. Other scams included romance scams and sextortion, affecting victims around the world.

Reports indicate that victims who disobeyed or underperformed were tortured and beaten. Evidence collected by U.S. prosecutors includes photographs and documents revealing violent practices inside the Prince Group compounds. Some records even reference Chen Zhi’s explicit instructions not to “beat victims to death.” Chen also oversaw the profit tracking and the operation of large-scale “phone farms,” which used thousands of mobile devices to facilitate automated online scams.

Chen has been indicted by the U.S. Federal Court in Brooklyn, New York, on charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, carrying a maximum sentence of 40 years in prison. The DOJ described the case as one of the largest transnational cybercrime prosecutions in its history.

In addition, the U.S. government has filed its largest-ever asset forfeiture case, seizing over 127,000 Bitcoins, valued at approximately USD 15 billion, believed to be proceeds from the Prince Group’s online scams and money laundering operations.

Authorities further revealed that Chen and his senior associates laundered illicit funds through seemingly legitimate Prince Group subsidiaries, including online gambling and cryptocurrency mining businesses, using sophisticated methods such as “spraying” and “funneling” to obscure money trails. To shield their operations, the network allegedly used political influence and bribery of public officials in multiple countries. The laundered money was used to purchase luxury goods, including yachts, private jets, high-end watches, and even Picasso paintings auctioned in New York.

In this coordinated operation, the U.S. Treasury Department (OFAC) sanctioned 146 entities and individuals linked to Prince Group TCO. Meanwhile, FinCEN invoked Section 311 of the USA PATRIOT Act to cut off Huione Group, a Cambodian financial service provider, from the U.S. financial system due to its involvement in laundering funds from virtual currency scams and North Korean cyber thefts. The U.K. government also froze 19 properties in London, valued at over GBP 100 million, linked to Chen’s network.

Moreover, the U.S. Congress is advancing the “Dismantle Foreign Scam Syndicates Act,” which would establish a dedicated task force to dismantle global scam syndicates. The draft bill names several individuals and entities,
including Benjamin Mauerberger, Yim Leak, Hun To, and Huione Group, as key figures. Prince Group TCO has also been found to expand its influence to Palau, leasing Ngerbelas Island to develop a luxury resort in partnership with local crime networks. One affiliated group, Jin Bei Group, was linked to extortion, forced labor, and the 2023 murder of a Chinese national.

Sources:

U.S. and U.K. Take Largest Action Ever Targeting Cybercriminal Networks in Southeast Asia | U.S. Department of the Treasury

Chairman of Prince Group Indicted for Operating Cambodian Forced Labor Scam Compounds Engaged in Cryptocurrency Fraud Schemes | United States Department of Justice

Text - H.R.5490 - 119th Congress (2025-2026): Dismantle Foreign Scam Syndicates Act

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