U.S. Treasury sanctions 46 people and companies tied to Prince Group fraud network

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Treasury sanctions Prince Group fraud

Highlights

OFAC sanctions four individuals and 41 entities linked to the Prince Group TCO and Chui Kok Wa, expanding previous actions from October 2025 and June 2026.
Treasury targets corporate networks in the British Virgin Islands, Hong Kong, Cambodia, Singapore, Mauritius, and Malaysia that facilitate offshore laundering and obscure financial system access for Prince Group.
Prince Group actors have generated billions through scams, with a separate cyber sanction against Chui Kok Wa, accused of defrauding Americans of over $400,000 in digital assets.

Sanctions target offshore corporate network

As reported by U.S. Department of the Treasury, the Office of Foreign Assets Control, or OFAC, is sanctioning four individuals and 41 entities that support the business network of the Prince Group TCO, along with Malaysian individual Chui Kok Wa. Treasury says the measures build on actions taken on October 14, 2025, and June 23, 2026 against Prince Group leadership, affiliated companies and financial facilitators.

Secretary of the Treasury Scott Bessent says cyber scam syndicates continue to steal billions of dollars from American victims while using international business networks to launder illicit proceeds. Treasury says the newly designated targets help sustain Prince Group operations by managing offshore structures, concealing beneficial ownership, facilitating commercial activity and providing administrative and financial services to senior executives.

The sanctions focus heavily on corporate vehicles in the British Virgin Islands, Hong Kong, Cambodia, Singapore, Mauritius and Malaysia. OFAC names Qiu Yong and Zhao Mengyao among those designated, alongside a series of Hong Kong and BVI-linked companies tied to lending, wine and shelf-company structures that Treasury says support the network’s ability to obscure ownership and maintain access to the financial system.

OFAC also designates He Yujing and Visal Pang, who Treasury says hold property for or co-direct companies with previously sanctioned executive Chen Bo. The action extends to multiple Cambodian companies, while other entities linked to Dai An and Thet Li in Singapore, Mauritius and Malaysia are also added under the sanctions program.

Broader fraud enforcement and financial impact

Treasury says Prince Group-affiliated actors have generated billions of dollars through digital asset investment scams, romance scams and other online fraud schemes affecting victims in the U.S. and abroad. Many of these operations are linked to scam compounds in Southeast Asia that rely on trafficked and coerced workers, while proceeds are allegedly moved through shell companies, offshore holdings, facilitators and digital asset transactions.

In a separate part of the action, OFAC designates Chui Kok Wa under cyber-related authorities, alleging he led a Madagascar-based scam network that defrauded Americans of more than $400,000 in digital assets and other funds. Treasury says the measures are coordinated with the FBI's New York and Honolulu Field Offices, the Department of Justice's Scam Center Strike Force, the U.S. Attorney's office for the District of Alaska, the British Virgin Islands Financial Investigation Agency and the UK Foreign, Commonwealth & Development Office.

As a result of the designations, all property and interests in property of the sanctioned persons that are in the U.S. or under the control of U.S. persons are blocked and must be reported to OFAC. Treasury says entities owned 50% or more by blocked persons are also blocked, and violations can lead to civil or criminal penalties for U.S. and foreign persons.

Malaysia’s fiscal buffer and Budget 2027 pressures were the focus of our earlier article, which highlighted warnings that recurring global shocks and a prolonged period of high interest rates could strain the country’s public finances. The piece noted that with operating expenditure taking up most government spending, Malaysia may need to broaden its tax base and refine targeted fuel subsidies while relying on growth and better revenue collection to preserve fiscal space.

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