SEOUL, October 20, 2025 - The 'Prince Group,' an organization accused of orchestrating large-scale crimes in Cambodia including online financial fraud, human trafficking, illegal confinement, and torture, has been found to have over 90 billion Korean Won (approximately $66 million USD) deposited in South Korean banks. This revelation was brought to light by Rep. Kang Min-kuk of the People Power Party, a member of the National Assembly's National Policy Committee, citing data submitted by the Financial Supervisory Service (FSS).
According to the "Transaction Details between Domestic Banks and the Cambodian Prince Group," the funds are spread across four major Korean financial institutions. Specifically, the group holds W56.66 billion (approx. $41.5 million) in one time deposit account at Kookmin Bank, W26.85 billion (approx. $19.7 million) across seven time deposit accounts at Jeonbuk Bank, W7.02 billion (approx. $5.1 million) in one time deposit account at Woori Bank, and W645 million (approx. $473,000) in one demand deposit account at Shinhan Bank. The total amount currently held is W91.18 billion (approx. $66.8 million).
The FSS data indicates that a total of five banks—Kookmin Bank, Jeonbuk Bank, Shinhan Bank, Woori Bank, and iM Bank—have engaged in transactions with the Prince Group. While most of the 52 total financial activities (51 transactions) were in the form of deposits, one overseas transfer of W3.96 billion (approx. $2.9 million) was made through iM Bank. Jeonbuk Bank had the highest number of transactions, with 47 time deposits totaling W121.7 billion (approx. $89.2 million).
Rep. Kang emphasized the gravity of the situation, urging authorities to take decisive action. "The Financial Services Commission must consult with the Cambodian government to find a way to potentially freeze the black money of the criminal organization that operates illegal scam centers, which is currently stored in domestic Korean banks," Kang stated. He also called on the Korea Financial Intelligence Unit (KOFIU) to "unfailingly and firmly designate the Prince Group, which has been identified as the mastermind behind criminal groups responsible for the abduction, confinement, and murder of Korean nationals, as a target for financial transaction sanctions."
This news arrives as Korean financial institutions maintain a significant presence in the Cambodian market. As of the end of September, 13 Korean financial firms operate in the country, employing 16,778 staff, including 69 Koreans. Among these, KB PRASAC BANK PLC, Kookmin Bank’s local subsidiary, is the largest investor, with 10,406 employees and cumulative net profit of $80.93 million on a total investment of $5.92 billion.
The lawmaker's disclosure highlights a critical need for enhanced international cooperation and stricter financial oversight to prevent criminal organizations from utilizing the legitimate banking system for illicit gains. The focus is now on the Korean government and financial regulatory bodies to demonstrate robust measures against money laundering and crime-related funds.
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