The US sanctions the leader of the fraudulent Prince Group empire.

Hu Xiaowei, the number two figure in the Prince Group and the boss of tycoon Chen Zhi, has been added to the US list of 9 individuals and 26 organizations subject to new sanctions.

The US Treasury Department sanctioned Hu Xiaowei, considered the number two figure at Prince Group. (Photo: US Treasury Department)

According to Reuters, on June 23, the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department imposed sanctions on nine individuals and 26 entities linked to the Prince Group, including executives, investors in fraudulent conglomerates, and shell companies.

This move follows the U.S. Treasury Department's 2025 decision to designate Prince Group as a transnational criminal organization, linked to conspiracies, fraud, and money laundering.

Chen Zhi, the leader of the Prince Group and accused by the US of being the "architect" behind this criminal empire, was extradited to China in January of this year and subsequently stripped of his Cambodian titles and citizenship.

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Among the individuals recently sanctioned by the US Treasury Department is Hu Xiaowei, described by US officials as the number two figure in Prince Group and the "boss" of Chen Zhi.

According to US allegations, he was involved in running Prince Group subsidiaries outside of Cambodia, real estate projects and gambling operations linked to the Prince Group network, and controlled businesses allegedly serving the organization's cash flow.

Hu Xiaowei controlled three companies registered in the Virgin Islands and, through them, owned a network of businesses used to manage assets and cash flow, receiving millions of dollars derived from fraud.

Alongside the sanctions, the Financial Crimes Enforcement Network (FinCEN) – the anti-money laundering agency of the U.S. Treasury Department – ​​also proposed expanding regulations to include Huione Group, based in Cambodia.

Huione Group is accused of being a key link in money laundering activities from cyberattacks and cryptocurrency investment scams, and of serving as a channel for handling funds from fraudulent activities for Prince Group.

On the same day, the U.S. Department of Justice announced it had seized a cloud computing account used by subsidiaries of Huione Group. These companies were allegedly used to facilitate the transfer of proceeds from online scams and cryptocurrency investments into the legitimate banking system.

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Thanh Hien

Source: https://tuoitre.vn/my-trung-phat-dai-ca-cua-de-che-lua-dao-prince-group-100260624070445261.htm