# US Treasury Targets Cambodia-Linked Billion-Dollar Cyber Fraud Networks New sanctions strike Prince Group affiliates and Madagascar-based scammers over global financial fraud operations. - **Source:** [The Straits Times – World](https://www.straitstimes.com/world) - **Published:** 2026-11-06 - **Topic:** [politics](https://brifing.si/c/politics) - **Original article:** - **On Brifing:** https://brifing.si/s/eed51322-f362-47aa-82d9-59ea1da7f97f ## Broad Sanctions Imposed The US Treasury Department announced sanctions on November 5 against four individuals and 41 companies. These entities are linked to the Cambodia-based Prince Group, which faces allegations of operating a billion-dollar scam network. Additionally, the US sanctioned a separate network in Madagascar for defrauding Americans using cryptocurrency-enabled schemes. ## Prince Group Allegations The Prince Group is accused of orchestrating sophisticated cyber-enabled fraud schemes targeting victims globally. While the conglomerate has previously denied any involvement in such illicit activities, US officials claim the group utilized complex corporate structures to facilitate money laundering. These operations allegedly spanned multiple international jurisdictions, including Hong Kong. ## Key Figure Qiu Yong Among the sanctioned individuals is Qiu Yong, a senior Prince Group official. He allegedly managed multiple companies in the British Virgin Islands that controlled a network of Hong Kong firms. Qiu, who holds passports from Cambodia, St. Lucia, and Turkey, reportedly laundered funds through wine companies and money-lending services. ## Founder Chen Zhi Extradited Prince Group founder Chen Zhi, who was born in China, was extradited from Phnom Penh to China in January. This action followed previous sanctions imposed by the US and British governments. Cambodian authorities report that at least six ringleaders have been arrested, with nearly one billion dollars in assets frozen. ## Madagascar Network Targeted The US Treasury also sanctioned Malaysian national Chui Kok Wa for his leadership role in a scam network based in Madagascar. This group exploited cyber-enabled technologies, specifically cryptocurrencies, to defraud numerous American victims. The total losses attributed to this specific network are estimated to exceed 400,000 US dollars. ## Cambodia's Regulatory Response Cambodia has emerged as a hub for fake romantic relationships and cryptocurrency investment scams. Under significant pressure from the United States, Britain, and China, Cambodian authorities claim they are cracking down on the industry. Prime Minister Hun Manet stated in September that the country will not be a safe haven. ## Persistent Structural Challenges Despite official government pledges to dismantle these syndicates, analysts suggest that elite protection networks remain active. The physical and financial infrastructure supporting these operations appears largely intact within the country. These syndicates continue to defraud internet users globally, moving billions of dollars through various illicit and legitimate business channels. ## US Enforcement Strategy Treasury Secretary Scott Bessent emphasized a commitment to dismantling every layer of these organizations. The strategy targets leadership, corporate structures, and financial facilitators that allow these groups to operate with impunity. The US government aims to disrupt the flow of illicit funds and hold key facilitators accountable for fraud. ## Sources covering this story - [The Straits Times – World — US Imposes Sanctions on Cambodia-Linked Cyberscam Networks](https://www.straitstimes.com/world/united-states/us-slaps-more-sanctions-on-cambodias-alleged-scam-group-affiliates) - [The Diplomat — US Imposes Sanctions on Cambodia-Based Cyber Fraud Network](https://thediplomat.com/2026/11/us-government-announces-fresh-sanctions-against-cambodia-based-scam-network/) --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._