Cambodian authorities say they are gathering evidence to prosecute suspected masterminds of a large cyber fraud network, amid criticism that past crackdowns have failed to bring the main figures responsible to justice. Chhay Sinarith, Senior Minister and head of the secretariat of Cambodia's government committee against online fraud, told Reuters in an interview during an international conference on countering fraud in Phnom Penh on Thursday, September 24, that prosecutions, whether of masterminds, accomplices, owners, backers or protectors, all take time and require solid evidence. This week Cambodia hosted a meeting with representatives from more than 10 countries, including the United States and China, to discuss ways to tackle cyber fraud networks, which have damaged the country's reputation and economy. Chhay added that authorities are expanding their investigation into the financial networks of Prince Group, a Cambodian business conglomerate that U.S. authorities say has engaged in business practices that shield online fraud and money laundering worth billions of dollars. Meanwhile, John Wojcik, a senior analyst at blockchain data analysis firm TRM Labs, said many large compounds remain in operation, even though some operators have moved out and dispersed to smaller, decentralized operating sites, and the technological infrastructure, payment systems, money laundering networks and the facilitators that sustain this industry continue to operate on a broad scale as before.
Cambodian authorities expanding investigation into Prince Group's financial networks over alleged shielding of online fraud and money laundering
