Both Governments Focus on Online Scam Crimes
Prince Group, Chairman Chen Zhi, and Related Entities
Sanctions Imposed on Real Estate and Virtual Asset Transactions
The governments of the United States and the United Kingdom announced on October 14 (local time) that they have imposed sanctions on an organization based in Cambodia that has engaged in human trafficking, forced labor, and online fraud targeting people worldwide. This move comes as a series of recent kidnapping and confinement incidents involving Korean nationals have occurred in Cambodia and surrounding regions, drawing the attention of both governments to the reality of online scam crimes in Cambodia.
The entities subject to these sanctions include Prince Group and its chairman, Chen Zhi. According to the UK government, they have constructed complexes in Cambodia and other locations that are used as casinos and scam centers, and have been involved in their operations through agents.
According to The Guardian, Chen Zhi, who was born in China in 1987, rapidly accumulated wealth and wielded political influence in Cambodia. He is believed to have subsequently purchased citizenships from Cyprus and Vanuatu. The Jinbei Group, which is affiliated with Prince Group, as well as the virtual asset exchange Byex, have also been included in the sanctions list.
The UK government also placed Golden Fortune Resorts World on the sanctions list, describing it as the company behind a large-scale scam complex on the outskirts of Phnom Penh.
Chen Zhi and his associates have established businesses in the British Virgin Islands and have made significant investments in the London real estate market. Their investment portfolio includes a mansion valued at 12 million pounds (approximately 2.3 billion won), an office building worth 100 million pounds (about 19 billion won), and 17 apartments. As a result of these sanctions, these assets are immediately frozen, and Chen Zhi's family is completely barred from accessing the UK financial system.
The UK government pointed out that scam centers in Southeast Asia, including Cambodia and Myanmar, lure foreigners into closed casinos or special-purpose facilities using fake job advertisements, then threaten them with torture and force them to commit online fraud.
Yvette Cooper, UK Foreign Secretary, stated, "Those behind these horrific scam centers are destroying the lives of vulnerable people and buying homes in London to stash their money."
The US Department of the Treasury has also designated Prince Group as a transnational criminal organization and imposed sanctions on Chairman Chen Zhi and 146 related entities. In addition, the US Department of Justice announced that it has indicted Chen Zhi on charges of online financial fraud and money laundering. If convicted, he could face up to 40 years in prison. Furthermore, legal proceedings have been initiated to seize 127,271 bitcoins, worth approximately 15 billion dollars (about 21 trillion won), held by Chen Zhi.
Alongside these actions, the US government has confirmed measures to block Huione Group, a major financial services conglomerate based in Cambodia, from accessing the US financial system. The Department of the Treasury stated that Huione has laundered at least 4 billion dollars (about 5.7 trillion won) in illegal funds from 2011 to early 2025, including 37 million dollars in virtual assets stolen by North Korean hacking groups. As a result, all transactions between US financial institutions and Huione Group are now prohibited.
Scott Besant, US Treasury Secretary, said, "The surge in transnational scam crimes has cost Americans billions of dollars," adding, "We will continue to work closely with international partners such as the UK to respond to these threats."
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