✓ Official source
OFAC sanctions 45 more targets tied to Prince Group’s alleged crypto scam network
Summary
The U.S. Treasury’s Office of Foreign Assets Control on Thursday sanctioned four individuals and 41 entities that it says support the Cambodia-linked Prince Group Transnational Criminal Organization, previously designated for cyber-enabled fraud, money laundering and human trafficking, according to a Treasury press release and Decrypt.
Treasury said the new designations target offshore corporate and financial infrastructure—including British Virgin Islands and Hong Kong money-lending and holding companies tied to Qiu Yong, Cambodian companies linked to previously designated executive Chen Bo, and entities tied to associates Dai An and Thet Li—that allegedly helped Prince Group leaders conceal assets and evade earlier October 2025 and June 2026 sanctions.
Decrypt, citing Treasury, said targets include Chen Bo’s wife He Yujing (who allegedly received ownership of his Tokyo mansion after the October 2025 action), associate Visal Pang’s 11 Cambodian companies, Prince International Airlines and CB General Insurance still controlled by Chen Bo, and Malaysian national Chui Kok Wa, whom Treasury accused of running a Madagascar-based scam network that defrauded Americans of more than $400,000 in digital assets.
Treasury framed the action under Executive Order 14390 and said it was coordinated with the FBI, DOJ Scam Center Strike Force and the U.S. Attorney’s Office for the District of Alaska, with help from British Virgin Islands and U.K. authorities; Decrypt noted the U.S. is separately seeking forfeiture of about $14 billion in bitcoin tied to Prince Group, which has denied the allegations.
Key facts
- U.S. Treasury / Decrypt: OFAC on Nov. 5, 2026 designated 4 individuals and 41 entities supporting Prince Group TCO (plus Malaysian Chui Kok Wa under a separate cyber EO)—45 Prince-linked targets plus one Madagascar scam facilitator in Treasury’s framing.
- Treasury: Action builds on Oct. 14, 2025 and June 23, 2026 designations; targets alleged offshore corporate facilitators who helped conceal assets and evade prior sanctions after those actions.
- Treasury / Decrypt: Named facilitators include Qiu Yong (BVI/HK money lenders and related companies) and assistant Zhao Mengyao; He Yujing and Visal Pang for Chen Bo property/companies; 11 Chen Bo–controlled firms including Prince International Airlines and CB General Insurance; entities tied to Dai An and Thet Li.
- Treasury: Chui Kok Wa designated for Madagascar-based scam network that allegedly defrauded Americans of over $400,000 equivalent using cryptocurrencies and other cyber-enabled tools.
- Decrypt: U.S. seeking forfeiture of about $14B in bitcoin tied to Prince Group; group has denied allegations; Treasury said action coordinated with FBI, DOJ Scam Center Strike Force, District of Alaska USAO, BVI FIA and UK FCDO.