This article first appeared in The Edge Malaysia Weekly on October 27, 2025 - November 2, 2025

BESIDES former Bank Negara Malaysia governor Tan Sri Muhammad Ibrahim serving on the board of directors of Cambodia-based Prince Bank plc, which is linked to the Prince Group that on Oct 14 was accused by US authorities of running a global cyber fraud network, another Malaysian was also on the board while a few others held senior positions at the bank.

According to Prince Bank’s 2024 annual report, its CEO Looi Kok Soon, who was also a non-independent executive director, had served with OCBC Bank Malaysia, EON Bank Malaysia (acquired by Hong Leong Bank in 2011) and Standard Chartered Bank in Southeast Asia. Notably, he resigned from his positions at Prince Bank last Wednesday (Oct 22) to pursue personal interests. He was appointed as CEO on Dec 17, 2024.

Meanwhile, Prince Bank’s chief financial officer Liong Khai Sim previously “held senior finance roles in Maybank Group”, according to the annual report. Other Malaysians in Prince Bank’s senior management include chief people and communications officer Ngow E Van, chief information officer Khoo Hun Khim, chief risk officer Ng Yok Chin and chief distribution officer Lee Kok Seng. Most of them had worked with Malaysian banks throughout their careers, namely with Ambank, EON Bank, Maybank and Hong Leong Bank.

Neither these individuals nor the bank has been directly implicated in any crime but the statement by the US Department of the Treasury on Oct 14 noted that criminal revenues generated by what it calls the Prince Group Transnational Criminal Organization (Prince Group TCO) — a Cambodia-based network led by Cambodian national Chen Zhi — “have been instrumental in supporting its ostensibly legitimate business ventures, most of which operate through entities under the control of Prince Group TCO”, including Prince Bank.

Chen is the majority shareholder of Prince Bank. The only other shareholder is Cambodian Guy Chhay.

The US Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) working with the UK’s Foreign, Commonwealth and Development Office (FCDO) had taken complementary actions by imposing sanctions on Prince Group TCO and severing the Cambodia-based financial services conglomerate Huione Group from the US financial system. The Huione Group is alleged to have “laundered proceeds of virtual currency scams and heists on behalf of malicious cyber actors”.

OFAC has also designated Prince Holding Group and Prince Bank, among others, “for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Chen”.

Chen, 38, has been charged by federal prosecutors in Brooklyn, New York, for “wire fraud conspiracy and money laundering conspiracy for directing Prince Group’s operation of forced-labour scam compounds across Cambodia”.

The US Attorney’s Office added in its Oct 14 statement on the indictment that individuals were held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as “pig butchering” scams, and which stole billions of dollars from victims in the US and around the world.

Bitcoins worth about US$15 billion (RM63.35 billion), said to be the proceeds of Chen’s fraud and money laundering schemes, have been seized by US authorities. However, Chen remains at large, the statement noted.

“Prince Group’s investment scams have caused billions of dollars in losses and untold misery to victims around the world, including here in New York, on the backs of individuals who have been trafficked and forced to work against their will. This historic indictment and forfeiture complaint send a strong message to fraudsters everywhere that we will pursue you no matter where you are, no matter who you are, and no matter your insidious methods, and we will never stop fighting for victims,” said the US Attorney for the Eastern District of New York Joseph Nocella Jr in the statement.

Last week, it was reported that Muhammad had clarified that his directorship at Prince Bank was strictly non-executive and independent. His responsibilities focused on ensuring sound governance, risk management and regulatory compliance in line with the country’s laws and guidelines put in place by the central bank, the National Bank of Cambodia. Nevertheless, it was reported last Friday that he had resigned from the bank on the same day as Looi.

At the time of writing, Prince Bank’s website no longer displayed information on the Malaysian board of directors or senior management.

Incidentally in Thailand, its deputy finance minister Vorapak Tanyawong resigned last Wednesday following a report that linked him to Cambodian cyber scam networks. The Whale Hunting newsletter alleged that Vorapak’s wife had been paid close to US$3 million in cryptocurrency this year by the same criminal network that he had been tasked to investigate as part of a government committee. The report noted that Vorapak had been an adviser to BIC Bank, a Cambodian bank said to be linked to a money laundering network. Vorapak has denied any involvement in illegal activities.

According to its website, Prince Bank was set up in 2015 as a private microfinance institution. It was granted a licence to operate as a commercial bank in 2018. It has 36 branches in 22 provinces and cities across Cambodia.

Since getting its commercial banking licence, Prince Bank’s net loans have risen from US$302.98 million in 2019 to US$760.92 million while total assets more than tripled from US$421.55 million to US$1,524.4 million over the same period. From a net loss of US$1.58 million in 2019, it reported a net profit of US$3.62 million for 2024.

At the 47th Asean Summit, which takes place from Oct 26 to 28 in Kuala Lumpur, the threat from Cambodian cyber scam networks is expected to be on the agenda. Officials attending are set to push for regional cooperation against online scam operations in Cambodia and neighbouring countries amid growing awareness that Asean has become a global centre for cybercrime.

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