Taiwan Seizes $150 Million in Assets Linked to International Scam Network Prince Group

Authorities detain 25 individuals in crackdown on alleged money laundering and forced labor operations.

Taipei prosecutors have announced the detention of 25 individuals and the seizure of approximately US$147 million in assets connected to the Prince Group, an international network accused of operating extensive scam centers.

The seized assets include luxury vehicles, properties, and bank accounts. These actions are reportedly linked to allegations of money laundering and forced labor offenses involving Cambodian businessman Chen Zhi and the Prince Group.

According to prosecutors, the group is alleged to have conducted large-scale investment fraud schemes, particularly involving cryptocurrencies and online gambling, through scam compounds in Cambodia where forced labor was employed.

The illicit proceeds from these operations are said to have been channeled through shell companies established by the Prince Group in various countries. These funds were then allegedly laundered through the acquisition of luxury goods and real estate, effectively concealing the criminal gains.

Reuters has not been able to obtain a comment from Chen Zhi or a representative.

This development follows a significant seizure by Singaporean police last month, who confiscated over S$150 million (approximately US$115.90 million) in assets also tied to the Prince Group.

The coordinated actions in Singapore and Taiwan come after the United Kingdom and the United States imposed sanctions on the Southeast Asia-based network. The Prince Group has been accused of running extensive online "scam centers" that allegedly exploited trafficked individuals to defraud victims worldwide.

Taiwan has indicated that some of its citizens have been deceived into traveling to Cambodia and Myanmar to work within these fraudulent operations.