Numerous prominent international news media outlets, including CNN, Fox, Forbes, the BBC, Reuters, The Washington Post, and the Wall Street Journal, have reported extensively on the transnational cybercrime networks operating out of Cambodia. These reports have raised serious concerns regarding Cambodia's international reputation, which has been severely damaged by the actions of these criminal groups.
In a landmark move, the United States and the United Kingdom have recently announced a joint, unprecedented action to target online fraud networks across Southeast Asia. The most significant targets in Cambodia are businessman Neak Oknha Chen Zhi and his conglomerate, the Prince Group Transnational Criminal Organization (Prince Group TCO).
Historic Measures by the United States
On Tuesday, October 14, 2025 (US time), the U.S. Department of Justice (DOJ) announced the largest asset seizure in its history: approximately $15 billion USD in Bitcoin, which is currently frozen under U.S. authority.
Concurrently, the DOJ announced the unsealing of a criminal indictment in the U.S. District Court for the Eastern District of New York against Chen Zhi, the Chairman of the Prince Group, charging him with wire fraud conspiracy and money laundering conspiracy. U.S. authorities accuse Mr. Chen of being the mastermind behind a "sprawling cyberfraud empire" that allegedly used scam compounds reliant on forced labor in Cambodia to defraud cryptocurrency investors globally, including American citizens.
Coordinated US and UK Sanctions
On the same day, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), in close coordination with the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), took complementary actions against this criminal network.
- U.S. Sanctions (OFAC): OFAC imposed sweeping sanctions on 146 targets within the Prince Group TCO network, a Cambodia-based transnational criminal organization led by Chen Zhi. These sanctions target the companies and individuals allegedly operating a criminal empire through online investment scams. Targeted entities reportedly include Huione Group (accused of laundering money from virtual currency fraud) and Jin Bei Group.
- U.K. Sanctions (FCDO): The UK concurrently imposed sanctions on Prince Holding Group, Chen Zhi, and his key associates. These actions will freeze assets and effectively cut off the network from the UK's financial system.
This coordinated action is the result of close collaboration between the Federal Bureau of Investigation (FBI), the U.S. Attorney’s Office for the Eastern District of New York, and the UK's FCDO.
Impact and Allegations
According to U.S. authorities, American losses from fraudulent online investment schemes have steadily risen in recent years, totaling over $16.6 billion. Transnational organized crime groups, such as the Prince Group TCO, are accused of developing lucrative online fraud operations across Southeast Asia, particularly in Cambodia, managing the illicit flow of billions of dollars and using the proceeds to purchase luxury assets.
It is notable that Chen Zhi has reportedly served as an advisor to former Prime Minister Hun Sen and to the current government led by Prime Minister Hun Manet. This historic indictment and the subsequent sanctions underscore the commitment of the U.S. and the UK to combat cybercrime and money laundering that harm their citizens and economies, while also pushing for accountability at the highest levels.
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