Treasury Targets Global Scam Networks and the Corporate Infrastructure That Enables Them
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four individuals and 41 entities that support the business network of Prince Group Transnational Criminal Organization (TCO) previously sanctioned by the United States for its role in cyber-enabled fraud, money laundering, and human trafficking. Additionally, OFAC designated a Malaysian individual who defrauded U.S. victims by managing a network of Africa-based scammers.
“Cyber scam syndicates continue to steal billions of dollars from American victims while relying on sophisticated international business networks to launder their illicit proceeds,” said Secretary of the Treasury Scott Bessent. “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.”
Today’s action builds on OFAC’s October 14, 2025 and June 23, 2026 designations targeting Prince Group leadership, affiliated companies, and financial facilitators. Prince Group TCO-affiliated actors have generated billions of dollars in illicit proceeds through sophisticated cyber-enabled fraud schemes, including digital asset investment scams, romance scams, and other online fraud that have victimized Americans and individuals around the world. Many of these operations have been linked to scam compounds in Southeast Asia that rely on trafficked and coerced workers, while criminal proceeds are laundered through complex networks of offshore companies and financial facilitators. The newly designated individuals and entities have helped sustain Prince Group TCO’s illicit global operations after the October 2025 and June 2026 designations by managing offshore corporate structures, concealing beneficial ownership, facilitating commercial activities, and providing administrative and financial services to senior Prince Group TCO executives. Individuals targeted today have participated in activities to evade previous sanctions targeting the Prince Group TCO, including the transfer of property and owning of companies with or on behalf of previously designated Prince Group TCO leaders. Today’s action further targets the corporate and financial infrastructure that has enabled Prince Group TCO leaders to conceal assets, evade prior sanctions, and maintain access to the international financial system.
These actions are in furtherance of President Trump’s Executive Order (E.O.) 14390 of March 6, 2026, “Combating Cybercrime, Fraud, and Predatory Schemes Against American Citizens,” which orders the U.S. government to unleash every available tool to stop foreign-backed criminal networks that exploit vulnerable Americans through cybercrime, cyber-enabled fraud, and extortion. OFAC is designating 45 targets pursuant to E.O. 13581 (“Blocking Property of Transnational Criminal Organizations”), as amended by E.O. 13863 (“E.O. 13581, as amended”), and one target pursuant to E.O. 13694 (“Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities”), as further amended by E.O. 13757, E.O. 14144, and E.O. 14306 (“E.O. 13694, as further amended”).
These actions are in coordination with the Federal Bureau of Investigation’s New York and Honolulu Field Offices, Department of Justice’s Scam Center Strike Force, and the U.S. Attorney’s office for the District of Alaska. OFAC also appreciates the cooperation of the British Virgin Islands Financial Investigation Agency (BVI FIA) and the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO), whose timely assistance and information sharing were instrumental in supporting this sanctions action.
Prince Group TCO-affiliated actors have targeted victims in the United States and around the world through sophisticated cyber-enabled fraud schemes, including digital asset investment scams, romance scams, and other online financial fraud. These schemes rely on deception and social engineering to persuade victims to transfer funds or digital assets to criminally controlled accounts, generating billions of dollars in illicit proceeds.
Many of these operations are carried out from large-scale scam compounds in Southeast Asia, where trafficked and coerced workers are forced to perpetrate online fraud against victims across the globe. Criminal proceeds are subsequently laundered through an international network of shell companies, offshore holding companies, financial facilitators, and digital asset transactions, allowing transnational criminal organizations to conceal the origin of illicit funds and integrate them into the legitimate financial system.
Today’s action builds on Treasury’s ongoing efforts to dismantle not only the leadership of these criminal enterprises, but also the overseas corporate infrastructure and professional facilitators that enable them to target American victims, move illicit proceeds across jurisdictions, and evade law enforcement. The Prince Group TCO has developed an extensive network of companies spanning multiple jurisdictions to support its commercial interests and conceal assets connected to its criminal enterprise. Rather than operating through a single corporate structure, senior Prince Group TCO executives have relied on layers of offshore holding companies, foreign entities, nominee directors, and corporate service providers to maintain control over assets while obscuring beneficial ownership. Today’s designations target key components of that network, including companies and individuals that have facilitated corporate administration, managed offshore entities, and provided business services to senior Prince Group TCO officials. These facilitators have played an important role in enabling the Prince Group TCO to access the international financial system and preserve the appearance of legitimate commercial activity.
Qiu Yong is a key Prince Group TCO member who controls multiple BVI and Hong Kong companies on behalf of Prince Group TCO, and who has served as an employee of a company controlled by Prince Group TCO’s leader, Chen Zhi. Chen Zhi was designated on October 14, 2025.
Qiu Yong holds passports from multiple jurisdictions, including Cambodia, St. Lucia, and Türkiye, and is the beneficial owner of multiple BVI-based companies that control a network of Hong Kong companies involved in money lending and other business ventures.
Hong Kong-based companies Premium Financial Limited (Premium Financial) and Solar Scape Financial Limited (Solar Scape Financial) are money lending companies ultimately owned by Qiu Yong through BVI-registered Sun Speed Holdings Limited (Sun Speed Holdings) and Solar Scape Limited (Solar Scape), respectively. Hong Kong-based Direct Astute HK Limited (Direct Astute HK) is ultimately owned by Qiu Yong via BVI-registered Direct Astute Limited (Direct Astute). Hong Kong-based Glad Vast Limited (Glad Vast), Glad Sparkle Limited (Glad Sparkle), and Glad Harvest Limited (Glad Harvest) are linked to the wine industry and are ultimately owned by Qiu Yong through BVI-registered Glad Glory Limited (Glad Glory). Per Hong Kong media reporting, Qiu was involved in the distribution and sale of wine across Hong Kong and Macao, illustrating Prince Group TCO’s reach into ostensibly legitimate businesses. Qiu is also the beneficial owner of BVI-registered shelf companies Victory Flora Limited (Victora Flora), Win Applause Limited (Win Applause), Celestial Drive Limited (Celestial Drive), and Sino Sagacious Limited (Sino Sagacious).
Hong Kong-based Zhao Mengyao, a.k.a. Amy Zhao, is Qiu Yong’s personal assistant and serves as company secretary and co-director of multiple Hong Kong-based companies ultimately controlled by Qiu Yong. Zhao Mengyao and Qiu Yong are both shareholders of Hong Kong-based Mighty Divine Trust Hong Kong Limited (Mighty Divine Trust), a company directed by Zhou Yun, an individual previously identified by OFAC as a financial assistant and wealth manager for Prince Group TCO leader Chen Zhi. Mighty Divine Trust and Zhou Yun were both designated on October 14, 2025.
Qiu Yong is being designated pursuant to E.O. 13581, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Prince Group TCO. Premium Financial, Solar Scape Financial, Sun Speed Holdings, Solar Scape, Direct Astute HK, Direct Astute, Glad Vast, Glad Sparkle, Glad Harvest, Glad Glory, Victora Flora, Win Applause, Celestial Drive, and Sino Sagacious are being designated pursuant to E.O. 13581, as amended, for being owned or controlled by, or to having acted or purported to act for or on behalf of, directly or indirectly, Qiu Yong. Zhao Mengyao is being designated pursuant to E.O. 13581, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Qiu Yong.
OFAC is also targeting two individuals who are holding property for, or co-directing companies with, Prince Group TCO executive Chen Bo, who was designated on June 23, 2026. This includes Chen Bo’s wife, Cambodian national He Yujing, and Cambodian Prince Group TCO associate Visal Pang. Since OFAC’s action in October 2025, Chen Bo has transferred ownership of his Tokyo mansion to He Yujing, who also owns the Cambodian company Super Light Speed Kh Technology Co., Ltd. Cambodia-based Visal Pang controls eleven Cambodian companies, several of which he co-directs with Chen Bo: Cambodia First Unite Construction Group (CFU Group) Co., Ltd., First Unite International Logistics Co., Ltd., First Unite Networks Entertainment Co., Ltd., First Unite Property Co., Ltd., First Unite Decoration (Cambodia) Co., Ltd., Cambodian First Unite Construction Machinery Co., Ltd., Linkedus Technology Co., Ltd., Cambo Duty Free Merchandise Co., Ltd., Marco Polo Hotel Co., Ltd., U-Life Go Now Co., Ltd., and U-Life Kh Super App Co., Ltd. Visal Pang was also designated by the United Kingdom on March 26, 2026.
Chen Bo remains in control of eleven Cambodian companies: Asian Welfare Lotteries Co., Ltd., CB General Insurance PLC., Cambodian Resource Energy Development Co., Ltd., Cambodian Unite Wei Ye Investment Co., DT Zhi Zao, Co., Ltd., First Aquatic Industrial Co., Ltd., Mo Net Beauty Co., Ltd., Prince International Airlines Co., Ltd., Richeng Property Developer Co., Ltd., Tian Xu International Technology Plc., and ZHX Printing Equipment Cambodia Co., Ltd.
He Yujing is being designated pursuant to E.O. 13581, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of Prince Group TCO. Super Light Speed Kh Technology Co., Ltd is being designated pursuant to E.O. 13581, as amended, for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, He Yujing.
Visal Pang is being designated pursuant to E.O. 13581, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of Prince Group TCO. Cambodia First Unite Construction Group (CFU Group) Co., Ltd., First Unite International Logistics Co., Ltd., First Unite Networks Entertainment Co., Ltd., First Unite Property Co., Ltd., First Unite Decoration (Cambodia) Co., Ltd., Cambodian First Unite Construction Machinery Co., Ltd., Linkedus Technology Co., Ltd., Cambo Duty Free Merchandise Co., Ltd., Marco Polo Hotel Co., Ltd., U-Life Go Now Co., Ltd., and U-Life Kh Super App Co., Ltd. are being designated pursuant to E.O. 13581, as amended, for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Visal Pang.
Asian Welfare Lotteries Co., Ltd., CB General Insurance PLC., Cambodian Resource Energy Development Co., Ltd., Cambodian Unite Wei Ye Investment Co., DT Zhi Zao, Co., Ltd., First Aquatic Industrial Co., Ltd., Mo Net Beauty Co., Ltd., Prince International Airlines Co., Ltd., Richeng Property Developer Co., Ltd., Tian Xu International Technology Plc., and ZHX Printing Equipment Cambodia Co., Ltd. are being designated pursuant to E.O. 13581, as amended, for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Chen Bo.
On June 23, 2026, OFAC designated Prince Group TCO associate Dai An, a high-level leader in the Prince Group TCO. Dai is the majority owner of Singapore-based Chen Hua Holdings Pte Ltd (Chen Hua Holdings) and serves as director for Mauritius-based Meritwise Group Public Ltd (Meritwise Group) and Malaysia-based Greenmeadows Properties Sdn Bhd (Greenmeadows).
Chen Hua Holdings, Meritwise Group, and Greenmeadows are being designated pursuant to E.O. 13581, as amended, for being owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, Dai An.
Singapore-based Greenbay Multi Media Pte Ltd (Greenbay Multi Media) is 100 percent owned by OFAC-designated Prince Group TCO executive Thet Li. Thet Li was designated by OFAC on October 14, 2025.
Greenbay Multi Media is being designated pursuant to E.O. 13581, as amended, for being owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, Thet Li.
Chui Kok Wa (Chui) led an extensive network of scammers located in Madagascar that targeted Americans with scams, including defrauding Americans of digital assets. The scammers led by Chui exploited cyber-enabled technologies, including cryptocurrencies and digital systems and technologies, to defraud numerous Americans of over $400,000 equivalent, thereby materially contributing to the cybercrime and scam center threat to the national security, foreign policy, and economic health of the United States. Chui’s network garnered sympathy from vulnerable victims in order to misappropriate their funds for the private financial gain of his network.
OFAC is designating Chui Kok Wa pursuant to E.O. 13694, as further amended, for being responsible for or complicit in, or having engaged in, directly or indirectly, cyber-enabled activities originating from, or directed by persons located, in whole or in substantial part, outside the United States that are reasonably likely to result in, or have materially contributed to, a threat to the national security, foreign policy, or economic health or financial stability of the United States, and that have the purpose of or involve causing a misappropriation of funds or economic resources, intellectual property, proprietary or business confidential information, personal identifiers, or financial information for commercial or competitive advantage or private financial gain.
As a result of today’s action, all property and interests in property of the designated persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC’s regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons.
Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC’s Economic Sanctions Enforcement Guidelines provide more information regarding OFAC’s enforcement of U.S. economic sanctions. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities involving designated or otherwise blocked persons. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. Individuals located in the U.S. or abroad who provide information about sanctions violations to FinCEN’s whistleblower incentive program may be eligible for awards if the information they provide leads to a successful enforcement action that results in monetary penalties exceeding $1,000,000.
The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC’s guidance on Filing a Petition for Removal from an OFAC List.
Click here for more information on the individuals and entities designated today. To report internet crime to the FBI, click here.