US Treasury sanctions Cambodia-based criminal network targeting Americans

The U.S. Treasury Department imposed sanctions on 146 targets within the Prince Group Transnational Criminal Organization, a Cambodia-based network that operates online investment scams targeting Americans and others worldwide. The Treasury's Office of Foreign Assets Control designated the network led by Cambodian national Chen Zhi.

The Financial Crimes Enforcement Network finalized a rule to sever the Cambodia-based Huione Group from the U.S. financial system under section 311 of the USA PATRIOT Act. FinCEN found that Huione Group laundered at least $4 billion worth of illicit proceeds between August 2021 and January 2025, including $37 million from North Korean cyber heists and $36 million from virtual currency investment scams.

U.S. losses to online investment scams totaled over $16.6 billion in recent years, with Americans losing at least $10 billion to Southeast Asia-based scam operations in 2024, representing a 66 percent increase from the prior year, according to government estimates.

The actions were coordinated with the United Kingdom's Foreign, Commonwealth, and Development Office, which imposed concurrent sanctions on Prince Holding Group and Chen Zhi. The U.S. District Court for the Eastern District of New York unsealed a criminal indictment against Chen Zhi.

The Prince Group operates scam compounds in Cambodia where workers are held against their will and forced to conduct "pig butchering" fraud schemes. These operations involve cultivating relationships with victims over months before inducing them to invest in fraudulent platforms.

Among the designated entities is Jin Bei Group, a luxury hotel and casino company linked to compounds associated with extortion, forced labor and murder. FBI identified 259 U.S. persons who lost $18 million to scammers at Jin Bei Group in a 2022 investigation.

The sanctions target Chen Zhi's associates including Guy Chhay, Lei Bo, and others who oversee the organization's operations. Covered financial institutions are now prohibited from maintaining correspondent accounts for Huione Group.

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