Coordinated sanctions have been imposed over alleged online scams and forced labour.
Cambodia.- The United States and the United Kingdom have launched a major coordinated action against transnational cybercrime in Southeast Asia, sanctioning Cambodia’s Prince Holding Group and its chairman, Chen Zhi, over allegations of large-scale online fraud, money laundering, and human trafficking tied to casino and crypto ventures.
The sanctions target 146 individuals and entities linked to Prince Group, a conglomerate with interests spanning real estate, finance, and gaming. Authorities accuse Chen of masterminding an industrial-scale cyberfraud empire that used casinos, hotels, and cryptocurrency platforms to move billions of dollars in illicit proceeds across the region.
At the centre of the allegations is the Jin Bei Casino and Resort in Sihanoukville, reportedly used to launder funds and as a base for “pig butchering” scams, online investment schemes that defrauded victims worldwide. US officials claim the casino complex also hosted trafficking operations where foreign workers were coerced into conducting online scams under the threat of violence.
The US Department of Justice has unsealed an indictment charging Chen with wire fraud and money laundering conspiracies and seized nearly 127,000 Bitcoin, worth approximately US$15bn, in what prosecutors described as the largest asset forfeiture in the department’s history. The UK, meanwhile, froze Chen’s British assets and banned citizens and companies from doing business with the group.
Cambodia’s government said it would cooperate with international authorities if provided with evidence. Interior Ministry spokesperson Touch Sokhak emphasised that Prince Holding Group “has met all legal requirements to operate in Cambodia” and that Chen’s Cambodian citizenship was lawfully granted.
Prince Group has denied all allegations, claiming that its casino and hospitality operations are legitimate businesses compliant with Cambodian law. At the time of writing, the company had not issued a public statement in response to the new sanctions.
Coordinated sanctions have been imposed over alleged online scams and forced labour. Cambodia.- The United States and the United Kingdom have launched a major coordinated action against transnational cybercrime in…
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