Korean banks in Cambodia freeze 2 billion baht linked to Prince Group, more sanctions planned
South Korean banks in Cambodia freeze 2 billion baht tied to Prince Group as Seoul prepares new sanctions over fraud and human rights abuses
According to a report by The Korea Times citing a South Korean lawmaker on Monday (October 20, 2025), more than 90 billion won (about 2 billion baht) belonging to the Prince Group was hidden in South Korean bank branches in Cambodia. The conglomerate is suspected of running a global online scam network.
Kang Min-guk, a member of the opposition People Power Party, disclosed—citing data from the Financial Supervisory Service (FSS)—that the Cambodian group conducted 52 financial transactions through five South Korean banks in Cambodia, totaling 197 billion won (about 4.53 billion baht). Of that amount, around 91 billion won remains in deposit accounts across several banks: 56 billion won at KB Bank, 27 billion won at Jeonbuk Bank, and 7 billion won at Woori Bank.
The Korean Bankers Association confirmed that KB Bank and four other institutions froze Prince Group’s deposits on Thursday (October 16, 2025).
Prince Group has been sanctioned by the international community for alleged involvement in kidnapping, torture, and murder. The South Korean government is now preparing its own sanctions as part of a broader international crackdown on transnational crime networks.
Lee Eok-won, Chairman of the Financial Services Commission (FSC), said the agency is working urgently with related authorities to impose sanctions on Prince Group. The move follows earlier actions by the United States and the United Kingdom, which both sanctioned the company. U.S. federal prosecutors have also charged Chen Zhi, chairman of Prince Group, with fraud and money laundering.
