The United States and United Kingdom on Tuesday announced their largest joint action to date targeting cybercriminal networks in Southeast Asia accused of running online scams that defrauded victims worldwide of billions of dollars.
The U.S. Treasury Department imposed sanctions on 146 individuals and entities tied to the Cambodia-based Prince Group Transnational Criminal Organization, led by Cambodian national Chen Zhi, which allegedly operates large-scale online investment scams. Simultaneously, the Treasury’s Financial Crimes Enforcement Network cut the Huione Group, another Cambodia-based financial conglomerate accused of laundering illicit funds, off from the U.S. financial system.
“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” said Treasury Secretary Scott Bessent, vowing continued action in coordination with international partners.
The measures, coordinated with the U.K.’s Foreign, Commonwealth and Development Office, coincide with British sanctions against Chen and his associates and the unsealing of a U.S. indictment against him in New York.
U.S. officials estimate Americans lost at least $10 billion to Southeast Asia-based scams in 2024, much of it tied to operations like Prince Group’s.
