U.S. announces new sanctions linked to Prince Group

Politics · First reported 6 Nov, 07:05 · Updated 07:31

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

The U.S. Treasury announced sanctions on four people and 41 entities it says are connected to Cambodia-based Prince Group or related scam networks. The measures target alleged support structures and include a separate Malaysian national accused of leading a crypto scam network in Madagascar.

The Treasury said the sanctions cover four people and 41 entities it says support Prince Group, which it accuses of operating scam compounds. The designations include companies, alleged nominee owners and administrators.
Among those named are Qiu Yong and his personal assistant Zhao Mengyao. Treasury said Qiu controls Hong Kong and British Virgin Islands companies on Prince Group’s behalf.
Treasury said Chen Bo’s wife, He Yujing, received ownership of his Tokyo mansion after earlier sanctions, and named associate Visal Pang. It also sanctioned 11 companies it said Chen Bo still controlled.
Separately, Treasury designated Chui Kok Wa, a Malaysian national based in Madagascar, alleging that his network defrauded Americans of more than $400,000 in cryptocurrency.
The action was coordinated with U.S. law-enforcement agencies and received assistance from authorities in the British Virgin Islands and the UK, according to Treasury.

Summary written by Lux AI from 3 articles

Key facts

Sanctions announced: Four people and 41 entities
Separate alleged scam loss: More than $400,000 in crypto, according to Treasury
Companies attributed to Chen Bo: 11 companies were sanctioned
Coordination: U.S. agencies, with assistance from British Virgin Islands and UK authorities