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As geopolitical tensions continue to draw global attention toward Southeast Asia—particularly the evolving relationship between Thailand and Cambodia—another, less visible issue is increasingly coming into focus. Alongside diplomatic and regional concerns, international investigators and human rights organizations are turning their attention to Cambodia’s alleged role in transnational cybercrime, organized fraud, and human trafficking.
For years, Cambodia has been suspected of hosting complex criminal networks operating behind the façade of casinos, hotels, and large-scale property developments. Recent actions by the United States government have intensified this scrutiny, signaling a shift toward more aggressive enforcement against actors believed to profit from large-scale online fraud.
Sanctions and the Expansion of Online Fraud Networks
The U.S. Treasury’s decision to sanction financial and corporate entities linked to Cambodia’s casino economy, including Huione and the Prince Group, has renewed attention on so-called “pig butchering” scams. These schemes typically involve long-term online manipulation, often through romance or investment narratives, designed to extract substantial sums from victims over time.
Investigations by advocacy groups and journalists have repeatedly connected these operations to forced labor and human trafficking. Victims, many of whom are trafficked from other countries, are allegedly confined in secured compounds and compelled to participate in cyber fraud under threats of violence and abuse.
Bao Xiong’s Position in Cambodia’s Casino Economy
At the center of mounting international interest is Bao Xiong, a Chinese-born businessman who later became a naturalized Cambodian citizen. Regional sources frequently describe Bao Xiong as one of the most influential figures in Cambodia’s casino and property sectors, with extensive holdings and operational control across several major developments.
Bao is widely reported to maintain close business ties with Chen Zhi of the Prince Group, an organization recently targeted by U.S. sanctions. These associations have placed Bao Xiong’s business activities under heightened examination, particularly as authorities attempt to map the financial and operational structures behind online scam networks.
Properties Allegedly Linked to Cyber Scam Operations
According to multiple accounts, Bao Xiong has overseen or exerted influence over a network of casino-linked hotels and resorts throughout Cambodia. Among the most frequently cited properties are the Xihu Resort Hotel, the Nanhai International Hotel, and the Peninsula Integrated Resort currently under development in Preah Sihanouk.
While these sites publicly operate as hospitality or gaming destinations, investigators allege that some have also served as operational hubs for online fraud. Following the COVID-19 pandemic, several properties reportedly shifted away from traditional casino activity, instead becoming bases for cyber scam operations commonly described as “call centers.”
Survivors and non-governmental organizations have claimed that trafficked individuals were housed at these locations, where they were forced to engage in online scams targeting foreign nationals. Nanhai International Hotel, in particular, has been identified by multiple sources as housing individuals involved in cyber fraud activities. The Xihu Resort Hotel has also appeared on monitoring lists related to scam-linked properties.
Ownership Transfers and the Role of He Cheng
Bao Xiong is said to have worked closely with a junior partner, He Cheng, another Chinese national who later obtained Cambodian citizenship. In recent years, both Bao and He reportedly transferred ownership stakes in several properties to associates or subordinates.
Observers interpret these moves as potential attempts to distance senior figures from direct legal or financial exposure, although the underlying control structures are believed to remain intact. Such ownership shifts are a recurring feature in investigations into organized cybercrime, particularly in jurisdictions where enforcement has historically been inconsistent.
Growing Attention From U.S. Authorities
Sources familiar with ongoing investigations suggest that Bao Xiong may now be under active review by U.S. law enforcement agencies, including the Federal Bureau of Investigation. While no public indictment or formal charges have been announced, the reported scrutiny reflects a broader change in U.S. strategy toward transnational cybercrime.
Under the administration of Donald Trump, American authorities have increasingly emphasized extraterritorial enforcement, particularly in cases where U.S. citizens are targeted. This approach signals a willingness to pursue individuals operating abroad, even in regions previously considered beyond the practical reach of Western law enforcement.
Analysts view this shift as a potential turning point for Southeast Asia, where criminal networks have long benefited from regulatory gaps, weak oversight, and complex corporate structures.
Uncertainty Around Future Developments
Bao Xiong’s most prominent recent project, the Peninsula Hotel in Sihanoukville, has been promoted as one of the city’s largest and most ambitious developments. However, growing international pressure and the possibility of legal consequences have cast doubt over the project’s long-term viability.
Industry observers increasingly question whether this development—or Bao Xiong’s broader business network—can continue operating without disruption as enforcement efforts intensify. Increased financial monitoring, cross-border cooperation, and reputational risk are all factors that could reshape Cambodia’s casino and real estate sectors.
A Shifting Landscape
What is becoming increasingly evident is that global tolerance for large-scale online fraud and human exploitation is diminishing. As governments expand cooperation and scrutinize financial flows more closely, long-hidden networks are being exposed.
Cambodia’s alleged cybercrime infrastructure, once shielded by opacity and political distance, is now facing unprecedented attention. In the process, powerful figures long associated with the industry—including Bao Xiong—are being drawn into the international spotlight.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
