Important points
- U.S. and British authorities have imposed sanctions on Prince Holding Group and Chen Zhi for suspected large-scale online fraud.
- The Cambodian government has defended Prince Holding Group, saying the conglomerate has met legal requirements and called for due process in the investigation.
The Cambodian government said the United States and Britain should provide sufficient evidence to justify coordinated sanctions against Prince Holding Group and its chairman Cheng Ji, who faces allegations of large-scale online fraud and forced labor.
Cambodian Interior Ministry spokesman Touch Sokak said in a statement to The Associated Press that Prince Holding Group meets the necessary legal standards to operate in the country.
Sohak said Cambodia would cooperate with foreign authorities if a formal request is supported by evidence. He added that the government has not brought any charges against Prince Holding Group or its chairman.
U.S. and British authorities jointly announced the sanctions on Tuesday, saying the measures are aimed at dismantling a regional network based in Southeast Asia that operates across Cambodia and other countries through its links to financial institutions.
In a separate statement released by the U.S. Department of Justice, the Eastern District of New York filed a civil forfeiture lawsuit related to Chen Zhi to seize approximately 127,271 Bitcoins worth approximately $14 billion in connection with an alleged “pig butchering” fraud scheme.
The move is part of the Justice Department’s largest forfeiture action to date, and could increase the U.S. government’s holdings in Bitcoin to about $36 billion.
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