The U.S. Treasury has expanded sanctions against a network it says supports Cambodia’s Prince Group, adding four individuals and 41 entities to its blacklist. The Office of Foreign Assets Control said the latest designations target offshore companies, nominee owners and administrators allegedly used to hide assets and work around earlier sanctions imposed in October 2025 and June 2026.

Prince Group has been accused by U.S. authorities of operating scam compounds that used trafficked workers to carry out crypto investment and romance fraud. The conglomerate has denied the allegations.

Focus on alleged asset-holding network

According to OFAC, the newly sanctioned parties helped Prince Group executives conceal ownership and maintain control of property and businesses after previous U.S. action. Treasury said the measures are aimed at people and companies tied to efforts to shield assets and evade sanctions.

Among the individuals named were two people OFAC said were holding property for, or operating companies with, Prince Group executive Chen Bo. Treasury identified them as his wife, He Yujing, who it said received ownership of his Tokyo mansion after the October 2025 sanctions, and associate Visal Pang, who OFAC said controls 11 Cambodian companies.

Companies tied to Chen Bo and other associates

OFAC also sanctioned 11 companies it said remain under Chen Bo’s control. Treasury said those businesses span multiple sectors, including construction, logistics, hospitality and a so-called super app. The list includes Prince International Airlines and CB General Insurance.

The action also reached beyond Cambodia. Treasury added entities in Singapore, Mauritius and Malaysia over alleged links to Prince Group associate Dai An. A Singapore media company owned by alleged Prince Group finance chief Thet Li was also designated.

Separate action against alleged scam operator

In a separate but related announcement, OFAC designated Chui Kok Wa, a Malaysian national based in Madagascar. Treasury said he led a network of scammers that used crypto and other technologies to defraud Americans of more than $400,000.

The Treasury statement linked that case to the broader effort against cross-border fraud operations that rely on digital tools and complex company structures.

Broader crackdown and confirmed next steps

The latest sanctions build on a wider campaign against Prince Group and its senior figures. U.S. authorities are seeking forfeiture of about $14 billion in Bitcoin tied to the group, while UK authorities have frozen a London penthouse owned by Thet Li, according to the report.

The pressure on the conglomerate has also extended inside Cambodia. Chen Zhi was arrested there in January alongside two other Chinese nationals and extradited to China, where state media described him as the head of a major cross-border gambling and fraud syndicate. Before that, Cambodia revoked his citizenship, and the country later placed Prince Bank into liquidation.

Source: decrypt.co