Taiwanese Authorities Seize Over NT$4.5 Billion in Assets Linked to International Fraud Ring

Investigation Uncovers Extensive Online Scams and Money Laundering Operations Involving Cambodia's Prince Group

Taipei prosecutors have detained 25 individuals and seized assets valued at over NT$4.5 billion (approximately US$145.72 million) connected to the Cambodia-based Prince Holding Group. This action follows sanctions imposed by the United States on the group for alleged transnational fraud and money laundering activities involving Taiwanese nationals and companies.

According to a statement from the Taipei District Prosecutors Office, the Prince Holding Group, reportedly led by Chen Zhi (陳志), a prominent tycoon of Chinese origin based in Cambodia, is accused of orchestrating large-scale online fraudulent schemes from Cambodia. The proceeds from these alleged illicit activities were then reportedly laundered through a network of shell companies and business operations that spanned multiple countries.

The investigation gained momentum after receiving information from U.S. authorities. U.S. federal prosecutors had previously indicted Chen Zhi and his associates, and the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) subsequently added three Taiwanese nationals and nine Taiwan-registered companies to its sanctions list. In response, the Taipei District Prosecutors Office established a dedicated task force on October 15th, collaborating with the Investigation Bureau's Taipei office and the National Police Agency's Criminal Investigation Bureau. This task force was established to meticulously trace the financial flows and assets of the Prince Group within Taiwan.

Early on Tuesday, investigators and law enforcement officers executed 47 coordinated raids targeting the residences and offices of key figures associated with the Prince Group and its related entities in Taipei. Among the targeted locations were offices of Taiwan Prince Real Estate Investment Co. and Alphaconnect Investments Co.

Prosecutors confirmed that 25 suspects were taken into custody, and 10 witnesses were summoned for questioning as part of the ongoing investigation. To prevent the dissipation of assets, prosecutors secured court approval to seize 18 real estate properties. These seized assets include 11 luxury apartments and 48 parking spaces located in the prestigious Peace Palace complex on Heping East Road in Taipei, with an estimated value of NT$3.81 billion.

Further seizures included 26 high-end vehicles, featuring luxury brands such as Rolls-Royce, Ferrari, and Lamborghini, with a combined valuation of NT$477.58 million. Additionally, 60 bank accounts containing NT$235.87 million were also confiscated. The Taipei District Court officially confirmed the total value of the seized assets to be approximately NT$4.53 billion in a ruling issued on October 27th.

Information provided by Taiwan's Investigation Bureau suggests that the Prince Group operated fraudulent schemes in Cambodia, which allegedly included forced labor camps and engaged in cryptocurrency and online gambling fraud. The illicit profits generated from these operations were reportedly channeled through shell companies established in various jurisdictions. These funds were then allegedly laundered through investments in luxury goods and real estate to obscure their criminal origins.