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INTEL
PIG BUTCHERING: now the #1 loss category in the US by estimated volume / HUSHPUPPI: the Instagram that became the evidence -- Case 001 open / BEC: one spoofed email, one wire, seven figures -- see the methodology / ROSS ULBRICHT: full pardon January 21 2025 after 11+ years -- Case 013 open / ALL FIGURES LABELED: estimate vs conviction vs market collapse -- see Methodology / UNODC 2023: $5.4B estimated annually from SE Asia pig-butchering compounds [UNVERIFIED] / PIG BUTCHERING: now the #1 loss category in the US by estimated volume / HUSHPUPPI: the Instagram that became the evidence -- Case 001 open / BEC: one spoofed email, one wire, seven figures -- see the methodology / ROSS ULBRICHT: full pardon January 21 2025 after 11+ years -- Case 013 open / ALL FIGURES LABELED: estimate vs conviction vs market collapse -- see Methodology / UNODC 2023: $5.4B estimated annually from SE Asia pig-butchering compounds [UNVERIFIED]
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COMPANY · COMPANY

Yatai International Holding Group / Shwe Kokko (Yatai New City)

🇲🇲 Shwe Kokko, Myawaddy, Karen State, Myanmar (company registered in Hong Kong) · FOUNDED 2017
THE FIGURE
~$298M
Profits a Shandong court attributed to She Zhijiang's illegal online lottery (2014, in absentia); Shwe Kokko's scam losses have never been totalled.
WHAT IT SAID IT WAS

A Hong Kong-registered developer building 'Yatai New City' at Shwe Kokko on the Myanmar–Thai border: a $15B smart city of hotels, casinos and villas, in partnership with the Karen Border Guard Force.

WHAT IT REALLY WAS

A city the US Treasury said was 'custom built for gambling, drug trafficking, prostitution, and scams', with compounds where trafficked workers run online fraud under militia protection.

THE STORY

She Zhijiang, a Hunan-born online-gambling operator convicted in absentia in China in 2014, took Cambodian citizenship and in 2017 partnered with Saw Chit Thu's Border Guard Force to build Yatai New City at Shwe Kokko, sold as a Belt-and-Road smart city. It filled instead with casinos and walled compounds where trafficked people ran scams. Thai police arrested She in August 2022; Britain sanctioned him in December 2023 and the US Treasury designated him and both Yatai companies on 8 September 2025. He was extradited to China in November 2025, but the compounds and the militia that guards them remain.

WHO RAN IT
She Zhijiang ▸
founder and chairman of Yatai · open the case file
Saw Chit Thu ▸
militia partner who supplied land and security · open the case file
Saw Min Min Oo
Yatai / KNA business partner — sanctioned by the UK (2023) and US (September 2025)
WHO WAS HURT
trafficked workers held in the compoundsscam victims worldwide, especially English- and Chinese-speaking
HOW IT ENDED
Founded
2017
Based
Shwe Kokko, Myawaddy, Karen State, Myanmar (company registered in Hong Kong)
How
still operating — sanctioned by the UK (December 2023) and US (8 September 2025); founder extradited to China November 2025; compounds partly cleared in 2025 Thai-led crackdowns

UK sanctions on She Zhijiang and associates (8 December 2023). OFAC designated She Zhijiang, Yatai International Holdings Group and Myanmar Yatai International Holding Group under E.O. 13818 on 8 September 2025. She was arrested in Bangkok 13 August 2022 and extradited to China 12 November 2025. No corporate fine anywhere; a Shandong court had attributed ~¥2B of lottery profits to She in 2014.

SOURCES
home.treasury.gov/news/press-releases/sb0237en.wikipedia.org/wiki/She_Zhijiangen.wikipedia.org/wiki/Shwe_Kokko
Facts as published in court records, regulator releases and the sources above. Anyone charged and not convicted is alleged only.
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