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US sanctions hit 41 companies accused of keeping Prince Group’s scam network running

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US sanctions hit 41 companies accused of keeping Prince Group’s scam network running

Treasury says the network concealed ownership and sustained Prince Group operations, while US rules require covered assets to be blocked.

The US sanctioned four people and 41 entities on November 5, 2026, targeting a corporate network that Treasury says sustained Prince Group's operations after earlier sanctions. The designations subject covered assets to US blocking and reporting requirements, with restrictions also reaching companies that meet OFAC's ownership threshold.

The Office of Foreign Assets Control (OFAC) said the network helped Prince Group, which it has designated a transnational criminal organization, manage offshore structures, conceal beneficial ownership and maintain commercial activities. It links the group's affiliates to digital asset investment scams, romance scams and other online fraud, with many operations relying on trafficked and coerced workers in Southeast Asian compounds.

The action follows earlier Prince Group sanctions on October 14, 2025 and June 23, 2026. The newly sanctioned individuals are Qiu Yong, Zhao Mengyao, He Yujing and Visal Pang, according to the OFAC designation record.

One chain runs from Qiu Yong through Sun Speed Holdings Limited, registered in the British Virgin Islands, to Hong Kong money lender Premium Financial Limited. Treasury says Qiu ultimately owns the lender and controls other BVI and Hong Kong companies on Prince Group's behalf.

Zhao serves as Qiu's personal assistant and as secretary and co-director of several Hong Kong companies he ultimately controls, Treasury said.

Treasury traces Qiu Yong's ownership through an offshore company to a Hong Kong lender. Explore how US blocking obligations apply.

Designated property in the United States or US persons' possession or control is blocked and reportable to OFAC.


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