The US Treasury has imposed sanctions on Cambodian businessman Ly Yong Phat and his conglomerate L.Y.P. Group Co., LTD (L.Y.P. Group) and the notorious O-Smach Resort, for their involvement in severe human rights abuses, which includes forced labor and human trafficking.
These entities are known to pick victims and trick them into investing in fraudulent virtual currency and foreign exchange schemes and then harass them, and these scams have been linked to online scam operations that exploit vulnerable individuals in Cambodia.
The O-Smach Resort, owned by Ly Yong Phat, has been the center of these allegations, with reports of human rights abuses, forced labor, phone and passport confiscation, and torture. Victims who sought help were subjected to electric shocks, beatings, and ransom demands.
Tragically, two victims reportedly committed suicide due to the dire circumstances. However, the local authorities have conducted rescue operations, liberating victims of various nationalities.
Sanctions and Enforcement
According to the report, the sanctions, enforced under the Global Magnitsky Human Rights Accountability Act, block US properties and interests of the designated individuals and entities and prohibit US persons from conducting transactions with them. This move sends a clear message that human trafficking, forced labor, and related scams will not be tolerated. The sanctions that have been imposed, aim to disrupt the criminal networks that carry out these activities.
US Treasury’s Commitment
The US Treasury’s action underscores its commitment to hold accountable those involved in these heinous acts and shines a light on the criminal networks operating these illicit schemes. This move is a crucial step towards addressing the border issue of cyber and virtual currency scams that are on the rise globally.
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Source: https://www.cryptonewsz.com/us-treasury-sanctions-cambodian-businessman/