US, UK impose sanctions on Cambodia’s casino giant Prince Group
The United States (US) and the United Kingdom (UK) have imposed sweeping sanctions and criminal charges against the Prince Group (also known as Prince Holding Group), a Cambodia-based conglomerate dominant in casino operations, over the charges of running a vast network of “scam centres” that used trafficked workers to carry out online investment fraud worldwide.
Federal prosecutors in Brooklyn unsealed an indictment charging Chen Zhi, also known as Vincent, the 37-year-old founder and chairman of Prince Holding Group, with wire fraud and money-laundering conspiracies.
Chen labelled as mastermind
US authorities described Chen as the alleged “mastermind” behind a sprawling cyber-fraud empire. He remains at large and faces decades in prison if convicted. The Justice Department said the case centres on forced-labour compounds where trafficked workers were coerced into operating “pig-butchering” investment scams that lured victims into bogus cryptocurrency platforms.
In addition, this is not the first time US officials have imposed sanctions on entities in Southeast Asia. Just last month, the US took action against a large network of scam centres across the region that reportedly stole billions of dollars from Americans using forced labour and violence. Described as the most significant enforcement action ever in Southeast Asia, the Treasury Department designated 146 individuals linked to the network as part of a transnational criminal organisation.
The UK joined the action, imposing sanctions on several individuals and entities connected to the network and freezing 19 London properties reportedly worth in excess of €115 million. British ministers said the measures were intended both to deny the group safe havens for illicit wealth and to send a clear message to banks, estate agents, and other intermediaries. Foreign Secretary Yvette Cooper said the network had enriched itself while “destroying lives around the world”.
Prosecutors say the scam centres recruited workers, often through fraudulent job adverts, then detained them in purpose-built compounds in Cambodia, Myanmar, and elsewhere in the region. Workers were allegedly forced under threat of violence to manufacture fake online personas, build romantic relationships with victims, and persuade them to invest in sham crypto platforms. Authorities say the stolen funds financed luxury spending, including yachts, private jets, and art.
Severe charges on Prince Group
For the unaware, Prince Group is a major Cambodian conglomerate operating in sectors including real estate, banking, finance, tourism, lifestyle, consumer services, and more. It includes over 80 businesses in Cambodia under multiple units such as Prince Real Estate, Prince Bank, and Awesome Global Investment Group.
Several court documents also sketch the Prince Group as a corporate empire that used legitimate front businesses, in real estate, finance, gambling, and consumer services, to mask illicit activity.
Investigations and regional reporting have linked Chen and his companies to powerful local figures and suggested the group used political influence and bribery to protect operations, a background that analysts say helps explain how the network expanded across more than 30 countries. While the actions mark a significant escalation in Western efforts to tackle online fraud and human-trafficking networks, analysts warn that these sanctions may hinder Prince Group’s operations in the near future.
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