Prosecutors in Taipei have filed costs in opposition to dozens of individuals in a sprawling cash laundering case tied to the Cambodia-based Prince Group, wrapping up a months-long investigation right into a community authorities say moved billions of New Taiwan {dollars} via the island’s monetary system.
The Taipei District Prosecutors Workplace introduced Wednesday (March 4) that 62 defendants and 13 corporations have been indicted. The fees embrace alleged organized crime exercise, cash laundering, unlawful playing operations, accounting violations and doc forgery.
This company instantly initiated an investigation the next day (October 15, 2015) and directed the aforementioned judicial police company to conduct a 140-day investigation, finishing up eight waves of search operations. The prosecutor utilized to the court docket for the detention of 9 defendants, which was granted, and bail was granted to 732 different defendants. Luxurious items, vehicles, mansions, and monetary accounts with a complete worth exceeding HK$5.5 billion had been seized. The investigation concluded immediately (4th).
Taipei District Prosecutors Workplace
Investigators say greater than NT$10.7 billion ($340 million), flowed via the suspected community in Taiwan.
The indictment identifies Chen Zhi, described by prosecutors as the pinnacle of the Prince Group, and Wang Yutang, whom authorities say oversaw the group’s actions inside Taiwan. Prosecutors stated they intend to pursue the utmost penalty allowed underneath Taiwanese regulation for Chen.
Authorities say the operation was a part of a cross-border legal construction that operated largely from Cambodia, from the place Chen was extradited from, whereas utilizing corporations and monetary channels throughout a number of international locations to maneuver and disguise illicit proceeds.
Prince Group investigation expands past Taiwan
Taiwanese investigators opened their probe in October 2025 after U.S. authorities filed legal costs in opposition to Chen and several other associates over alleged fraud and cash laundering schemes. Across the similar time, the U.S. Treasury Division’s Workplace of Overseas Property Management positioned 9 Taiwan-linked corporations and three Taiwanese people related to the group on its sanctions checklist.
The Taiwanese investigation stretched roughly 140 days and concerned cooperation between a number of businesses, together with the Ministry of Justice Investigation Bureau and the Nationwide Police Company. In the course of the inquiry, officers carried out eight waves of coordinated searches and arrested a number of suspects. Courts permitted the detention of 9 defendants throughout the probe.
Prosecutors say investigators uncovered an intensive net of corporations used to flow into funds linked to suspected legal exercise. In whole, authorities consider the community dealt with greater than NT$10.79 billion via transactions routed via Taiwan.
The probe additionally led to main asset seizures. Officers confiscated 24 actual property properties and 35 luxurious autos believed to be related to the community, with the mixed worth estimated at greater than NT$5.5 billion.
The case overlaps with a sequence of worldwide investigations concentrating on playing and monetary crime networks linked to Chen and affiliated entities. Hong Kong police beforehand froze about $353 million in property tied to suspected cash laundering exercise, whereas authorities in Hong Kong and Singapore have additionally taken motion to grab property related to companies related to Prince Holding Group.
Preliminary worldwide enforcement efforts discovered that billions of {dollars} had been stolen from victims all over the world. American authorities seized round 127,271 Bitcoin, value roughly $15 billion, believed to be related to the rip-off and playing enterprises.
Featured picture: Prince Holding Group