As geopolitical tensions continue to draw attention to Southeast Asia—particularly between Thailand and Cambodia—another, more disturbing reality is coming into focus. Cambodia is increasingly viewed as a central hub for transnational cybercrime, human trafficking, and organized online fraud.
Recent actions by the United States government, including sanctions against financial and business entities such as Huione and the Prince Group, have renewed scrutiny on so-called “pig butchering” scams. These long-term fraud schemes have cost victims billions worldwide and are frequently linked by investigators and human rights organizations to forced labor, trafficking, and severe abuse.
At the center of this growing scrutiny is Bao Xiong, a Chinese national who has since become a naturalized Cambodian citizen. Regional sources widely describe Bao as one of Cambodia’s most influential casino and real estate operators. He is reportedly a close associate of Chen Zhi of the Prince Group, who was recently sanctioned by U.S. authorities. Bao also works with a junior partner, He Cheng, another Chinese national naturalized in Cambodia.
According to multiple accounts, Bao oversees or exerts influence over a network of casino-linked properties across Cambodia, including Xihu Resort Hotel, Nanhai International Hotel, and the Peninsula Integrated Resort at Preah Sihanouk, which remains under construction. In recent years, both Bao and He transferred ownership of these assets to individuals considered their subordinates.
While these properties publicly operate as legitimate hospitality and gaming ventures, investigators allege that some have served as fronts for criminal activity. Following the COVID-19 pandemic, several locations allegedly transitioned into online fraud centers commonly described as scam “call centers.” Survivors and advocacy groups report that trafficked individuals were confined, threatened, and coerced into targeting foreign victims through romance and investment scams. Nanhai International Hotel is known to house workers involved in cyber scam operations, while Xihu Resort is listed under a “Cyber Scam Monitor” watchlist.
Sources familiar with the matter suggest Bao may currently be under active scrutiny by the Federal Bureau of Investigation, potentially working alongside the Department of Justice. While no public indictment has been confirmed, this development reflects a broader shift in U.S. policy toward combating transnational cybercrime.
Under the administration of Donald Trump, U.S. authorities increasingly emphasized extraterritorial enforcement, signaling a willingness to pursue foreign-based criminal actors when American citizens are harmed. Analysts view this as a turning point for regions long believed to operate beyond accountability.
Bao’s most prominent recent development, the Peninsula Hotel in Sihanoukville, has been marketed as one of the city’s most ambitious projects. However, escalating international pressure and potential legal exposure have raised questions about its future. Industry observers are increasingly uncertain whether this project—or Bao’s wider business empire—can withstand sustained global enforcement.
What is becoming clear is that tolerance for large-scale online fraud and human exploitation is rapidly diminishing. As governments coordinate more closely and financial networks face intensified oversight, Cambodia’s long-concealed criminal infrastructure is being exposed, bringing powerful figures into the spotlight
