US sanctions Prince Group affiliates over Southeast Asian fraud scheme

On June 23‑24, 2026 the U.S. Treasury and Justice Department imposed sanctions on nine individuals and 26 entities tied to the Prince Group, a transnational fraud and illegal‑gambling operation that targets U.S. citizens. The network, led by Chen Zhi (also known as Trần Chí), was accused of stealing at least $10 billion from Americans in 2024, a 66% increase from the previous year. Hu Xiaowei, identified as the group’s second‑in‑command, controls three Virgin Islands companies used to move and launder proceeds.

The sanctions follow the extradition of Chen Zhi from Cambodia to China earlier this year and a joint U.S.–China investigation into the syndicate’s activities across Southeast Asia, including crypto scams, money‑laundering through banks, and illegal gambling operations linked to real‑estate ventures.