Story perspectives

U.S. Targets Prince Group: $134M Frozen, Criminal Charges Filed

10/16/2025

Summary

Story summary

The U.S. Treasury designated the Prince Group as a transnational criminal organization, targeting 146 individuals and freezing over $134 million.
Chen Zhi, the Prince Group's chairman, faces wire fraud and money laundering charges with up to 40 years in prison.
The operation reportedly generates $30 million daily to fund yachts and a Picasso painting.
South Korea has imposed travel restrictions to curb exploitation of its citizens in Cambodia's scam centers.

History

Historical Context

The U.S. Treasury's designation of entities as transnational criminal organizations began in 2019 to combat illicit financial networks that launder billions, undermining global economies. This effort builds on the Foreign Narcotics Kingpin Designation Act of 2000, which allows asset freezes and prohibits U.S. transactions with significant foreign narcotics traffickers, emphasizing the need for international cooperation against organized crime.

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Story summary

The U.S. Treasury designated the Prince Group as a transnational criminal organization, targeting 146 individuals and freezing over $134 million.
Chen Zhi, the Prince Group's chairman, faces wire fraud and money laundering charges with up to 40 years in prison.
The operation reportedly generates $30 million daily to fund yachts and a Picasso painting.
South Korea has imposed travel restrictions to curb exploitation of its citizens in Cambodia's scam centers.

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