U.S. blacklists eight BVI firms tied to Cambodia scam network

Eight companies incorporated in the British Virgin Islands have been added to U.S. sanctions lists following allegations that they served as ownership vehicles for a transnational criminal network based in Cambodia.

The Treasury Department's Office of Foreign Assets Control announced the action on November 5, designating the firms as part of a broader enforcement package against the Prince Group organization. All eight entities are connected to Qiu Yong, whom Treasury identifies as a significant figure within the criminal network.

The sanctioned companies are: Sun Speed Holdings Limited, Solar Scape Limited, Direct Astute Limited, Glad Glory Limited, Victory Flora Limited, Win Applause Limited, Celestial Drive Limited and Sino Sagacious Limited. Several maintain registered addresses at Wickhams Cay II in Road Town, Tortola, though Treasury noted that a registered address does not necessarily reflect where the companies actually operated.

According to federal records, the BVI firms functioned as control structures for commercial activities extending into Hong Kong and beyond. Sun Speed Holdings Limited, for instance, owned Premium Financial Limited, a Hong Kong money-lending operation. Solar Scape Limited held stakes in Solar Scape Finance Limited, another money-lending venture in Hong Kong. Direct Astute Limited controlled Direct Astute HK Limited, while Glad Glory Limited was linked to three Hong Kong entities involved in the wine trade.

Treasury classified four of the companies as shelf firms: corporate shells with minimal or no prior business activity. Authorities say such structures enabled Prince Group members to hide asset ownership, manage business interests and retain financial system access even after facing earlier American sanctions.

The Prince Group has faced expanding U.S. investigation over allegations of running scam operations across Southeast Asia. Authorities contend the network trafficked or coerced individuals into perpetrating online investment and romance fraud targeting victims worldwide, including Americans. The scheme allegedly generated billions of dollars, which were then moved through financial intermediaries and digital asset transactions designed to obscure their origin.

In October 2025, the U.S. Department of Justice brought criminal charges against Prince Group founder and chairman Chen Zhi, alleging he directed forced-labour scam compounds and conspired to commit wire fraud and money laundering. Prosecutors also announced a civil forfeiture action seeking approximately 127,271 bitcoin, valued at roughly $15 billion at the time, which they linked to the fraudulent operations.

Under the November 5 designation, property and financial interests held by the sanctioned companies and individuals within the United States or under U.S. control are generally blocked. American persons and entities are generally barred from engaging in transactions with the designated parties without specific authorization.

The British Virgin Islands Financial Investigation Agency participated in the investigation, with Treasury acknowledging support from the agency and the United Kingdom's Foreign, Commonwealth & Development Office.