The U.S. and U.K. governments have jointly imposed sanctions on Prince Group, a Cambodian conglomerate accused of leading transnational criminal operations, amid growing reports of kidnapping, torture, and online fraud targeting Koreans and other foreigners in Southeast Asia.
The move has also reignited speculation over alleged ties between the group and Seungri (Lee Seung-hyun, 34), former member of the K-pop group BIGBANG, who has appeared at events hosted by the company in recent years.
U.S.–U.K. Sanctions on “Transnational Criminal Organization”
On October 14 (local time), the U.S. Treasury Department and U.K. Foreign Office announced joint sanctions against the Prince Group, its 117 affiliated entities, and Chairman Chen Zhi (陳志, age 38), designating the network as a “transnational criminal organization.”
All assets under U.S. and U.K. jurisdiction were frozen, and individuals linked to the group are now prohibited from accessing Western financial systems.
The British government further identified Golden Fortune Resorts World, which operates the so-called “Prince Complex” on the outskirts of Phnom Penh, as a key target of sanctions. In addition, associated businesses such as Jinbei Group, a hotel and casino operator, and ByEX, a cryptocurrency trading platform connected to Prince Holdings, were also blacklisted.
The U.S. Treasury issued 146 individual sanctions against the group and its executives. The U.S. Department of Justice simultaneously indicted Chen Zhi on charges of online financial fraud and money laundering. If convicted, he faces up to 40 years in prison.
Why the Crackdown Now
Both the United States and the United Kingdom cited the growing number of victims of large-scale scams and human trafficking linked to Cambodian-based operations.
According to the U.S. State Department, losses from Southeast Asian online fraud targeting American citizens reached $10 billion last year alone.
British authorities stated that “scam compounds” in Cambodia and Myanmar lure foreign victims through fake job advertisements, confining them in casinos or private compounds, where they are forced to commit cyber fraud under threat and torture.
Typical schemes involve building trust with targets online and convincing them to invest increasing sums in fraudulent cryptocurrency or trading platforms —a method commonly known as the “pig-butchering scam.”
The Prince Group’s Role and Controversy
Prince Group, led by Chen Zhi, is accused of operating at least ten major scam syndicates within Cambodia’s “Prince Complex.”
Born in 1987, Chen reportedly holds noble titles from the Cambodian royal family, allegedly securing protection from influential political figures. He is also believed to possess citizenships in Cyprus and Vanuatu through investment programs.
The conglomerate’s vast portfolio includes real estate, casinos, hotels, banking, and digital finance ventures.
Seungri’s Connection and Past Remarks
Seungri, who has been seen in Cambodia multiple times, drew attention when he attended an event hosted by Prince Brewing, a subsidiary of Prince Holdings, in January 2024.
During the event, Seungri praised the country, declaring:
“Cambodia is the greatest nation in Asia. When I told my friends I was coming here, they asked, ‘Isn’t it dangerous?’ I told them to shut up and come see what Cambodia really is.”
His remarks and continued appearances at Prince Group events have fueled speculation online about his association with the conglomerate, though no official evidence has emerged linking him to any of the sanctioned entities.
Expanding Transnational Crime Networks
U.S. and U.K. officials emphasized that Cambodia’s scam industry often involving Chinese, Cambodian, and transnational crime groups has become one of the world’s most sophisticated criminal ecosystems, spreading from Southeast Asia to Africa and the Pacific Islands.
The coordinated sanctions mark one of the strongest Western actions yet against criminal networks operating under the guise of corporate development in Southeast Asia.
Sources: nate
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