Treasury sanctions four people and 41 entities in the Prince Group scam network

The US Treasury’s Office of Foreign Assets Control sanctioned four individuals and 41 entities on November 5 that it says support the Prince Group, a transnational criminal organization it had already sanctioned. OFAC also designated Chui Kok Wa, a Malaysian individual it says managed a network of Africa-based scammers who defrauded Americans.

Treasury says Prince Group-affiliated actors have generated billions of dollars through online fraud, including digital asset investment scams and romance scams. It says many of the operations are linked to scam compounds in Southeast Asia that rely on trafficked and coerced workers. The action builds on designations made on October 14, 2025 and June 23, 2026.

Who was named

The new targets are mainly the group’s corporate infrastructure, according to Treasury: offshore holding companies, money lenders and service providers.

• Qiu Yong, who OFAC says controls British Virgin Islands and Hong Kong companies for the group, along with companies owned through Qiu and Qiu’s assistant, Zhao Mengyao.
• He Yujing and Visal Pang, who OFAC says hold property for, or co-direct companies with, Prince Group executive Chen Bo. Companies controlled by Pang and Chen Bo were also designated, among them Prince International Airlines and CB General Insurance.
• Singapore, Mauritius and Malaysia companies that OFAC links to Prince Group figures Dai An and Thet Li.

Separately, OFAC says Chui led scammers in Madagascar who took over $400,000 equivalent from Americans, including in digital assets.

What it means for traders

All property of the designated persons in the US or held by US persons is now blocked, as are entities owned 50 percent or more by blocked persons. US persons are generally barred from dealing with them, and violations can bring civil or criminal penalties.

Sanctions are not a criminal conviction. The release does not mention any money being returned to victims. The schemes Treasury describes rely on persuading people to send funds or digital assets to accounts the criminals control. Our brief on scams run through messaging apps covers how similar approaches work. Treasury directs anyone reporting internet crime to the FBI.

What happens next

Treasury says the action furthers Executive Order 14390 of March 6, 2026, on cybercrime and fraud against Americans. It worked with FBI field offices in New York and Honolulu, the Justice Department’s Scam Center Strike Force and the US Attorney’s office for the District of Alaska. The British Virgin Islands Financial Investigation Agency and the UK Foreign, Commonwealth & Development Office also assisted.