US, UK launch biggest crackdown on Southeast Asian cybercrime networks tied to human trafficking

The US Department of the Treasury, through its Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), has announced sweeping sanctions against the Prince Group Transnational Criminal Organisation (TCO), a Cambodia-based syndicate led by businessman Chen Zhi. The UK’s Foreign, Commonwealth and Development Office (FCDO) has simultaneously imposed sanctions on Prince Holding Group, Chen Zhi and several key associates. The coordinated action follows years of investigation and intelligence-sharing between the two governments. US authorities have also unsealed a criminal indictment against Chen Zhi in the Eastern District of New York. The case involves collaboration between the FBI, US prosecutors, and the FCDO.

U.S. losses to online investment scams have steadily increased over the last several years, totaling over $16.6 billion.

Today, the U.S. and U.K. have taken the largest action ever targeting cybercriminal networks in Southeast Asia, some of which engage in human trafficking and…

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— Treasury Department (@USTreasury) October 14, 2025

Crackdown follows sharp rise in scam-related losses

The US Treasury cited alarming figures showing that Americans lost more than $10 billion to online investment scams linked to Southeast Asia in 2024 – a 66 per cent rise from the previous year. Total losses now exceed $16.6 billion, underscoring the scale of what officials describe as “industrial-level cyberfraud”.

“These scams have wiped out life savings in minutes,” said US Treasury Secretary Scott Bessent. “We are working closely with our UK partners to protect citizens and shut down predatory criminal networks.”

Huione Group cut off from financial system

Alongside sanctions on the Prince Group, the US Treasury’s FinCEN has cut the Huione Group, a Cambodian financial conglomerate, off from the US banking system. The move, issued under Section 311 of the USA PATRIOT Act, bars US institutions from handling its transactions.

Financial institutions have been instructed to block any direct or indirect dealings with the group to prevent access to the US financial system.

Cybercrime network tied to human trafficking and torture

Authorities accuse the Prince Group TCO of running “scam compounds” across Cambodia that rely on human trafficking, forced labour, torture and extortion to power its cyber operations. Victims often lured by fake job offers are forced to run scams such as “pig butchering”, where online fraudsters build trust with victims before disappearing with their money.

Luxury hotels and casinos under scrutiny

Among the entities under sanction is the Jin Bei Group, a luxury hotel and casino company linked to Prince Group operations. The group is connected to multiple reports of forced labour, extortion, and the murder of a 25-year-old Chinese national in 2023.

An earlier FBI probe found that US victims lost at least $18 million to scams traced to Jin Bei Group operations. Despite public attempts to distance itself from these activities, Cambodian government records confirm that Prince Holding Group owns Jin Bei Casino, with Chen Zhi as chief executive.

Beyond Cambodia, the Prince Group TCO has expanded its reach to other countries. In Palau, it has leased an island for a luxury resort project under Grand Legend International Asset Management Co. The company, controlled by Chen Zhi, is linked to organised crime figures in the region.

The syndicate’s network reportedly includes more than 100 shell companies, with operations spanning real estate, finance, entertainment and technology. OFAC said many of these firms exist only to launder profits from scams.

Assets frozen, penalties enforced

All property and interests belonging to designated individuals or entities in the US have now been frozen. US persons are barred from conducting any transactions with them, while non-US actors face potential penalties for facilitating or concealing violations.

The UK’s parallel sanctions, enforced through the Office of Financial Sanctions Implementation (OFSI), will freeze assets and restrict movement of funds tied to the network.

Officials said the measures are designed to sever the syndicates’ access to global financial systems and signal zero tolerance for cyber-enabled organised crime.

Ongoing international efforts

The US Treasury noted that this latest operation builds on a series of actions against Southeast Asian cybercriminal facilitators this year, including designations in Myanmar, Cambodia and the Philippines. Authorities are continuing to trace financial flows and collaborate with Asian governments to dismantle remaining scam hubs.