The United States imposed sanctions on 46 individuals and entities linked to a network that helped Prince Group conceal assets and evade earlier sanctions. The group’s affiliates generated billions of dollars through digital asset investment scams, romance scams and other online fraud.
In its “Treasury Targets Global Scam Networks and the Corporate Infrastructure That Enables Them” report published on November 5, 2026, the US Department of the Treasury said the Office of Foreign Assets Control (OFAC) targeted facilitators that sustained Prince Group’s operations after sanctions in October 2025 and June 2026. Their roles included managing offshore companies, concealing beneficial ownership and providing administrative and financial services to senior executives.
Treasury said Prince Group affiliates used deception and social engineering to persuade victims in the United States and elsewhere to transfer money or digital assets to accounts controlled by criminals. Many operations ran from scam compounds in Southeast Asia, where trafficked and coerced workers were forced to carry out online fraud.
The proceeds were laundered through shell companies, offshore holding companies, financial facilitators and digital asset transactions, according to Treasury. Senior executives used layers of companies across jurisdictions, nominee directors and corporate service providers to retain control of assets while obscuring ownership. The sanctions targeted infrastructure that helped preserve the appearance of legitimate business and access to the international financial system.
Treasury identified Qiu Yong as a key Prince Group member who controlled companies in the British Virgin Islands and Hong Kong on the group’s behalf. He also worked for a company controlled by Prince Group leader Chen Zhi, who was sanctioned on October 14, 2025. Qiu holds passports from Cambodia, St. Lucia and Türkiye and is the beneficial owner of multiple British Virgin Islands companies.
Through offshore companies, Qiu ultimately owned Hong Kong money lenders Premium Financial Limited and Solar Scape Financial Limited, Treasury said. His holdings also included wine-related businesses Glad Vast Limited and Glad Sparkle Limited, extending the corporate network into apparently legitimate commercial activities.
Qiu’s personal assistant, Zhao Mengyao, also known as Amy Zhao, was among those targeted. Treasury said she served as company secretary and co-director of multiple Hong Kong companies ultimately controlled by Qiu. Both were shareholders of Mighty Divine Trust Hong Kong Limited, directed by Zhou Yun, whom OFAC previously identified as a financial assistant and wealth manager for Chen Zhi. The company and Zhou were sanctioned on October 14, 2025.
Treasury said the action was coordinated with the Federal Bureau of Investigation’s New York and Honolulu Field Offices, the Department of Justice’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 United Kingdom’s Foreign, Commonwealth & Development Office supported the action through assistance and information sharing.