TAIPEI (Taiwan News) — Taiwan’s Ministry of Justice Investigation Bureau on Tuesday announced that it has obtained court authorization to seize more than NT$4.5 billion (US$145 million) in assets linked to the Cambodia-based Prince Group, accused of laundering funds from large-scale fraud.
Authorities said the group operated extensive schemes in Cambodia, including forced-labor scams, cryptocurrency investment fraud, and online gambling operations. Illicit proceeds were reportedly funneled through shell companies in multiple countries and laundered via luxury goods and real estate, according to CNA and UDN Money.
Leader Chen Zhi (陳志), a Chinese-born Cambodian, established a presence in Taiwan in 2017. Authorities estimate that billions of Taiwan dollars passed through local channels.
A task force raided 47 locations on Tuesday, arresting 25 executives. Authorities also summoned 10 witnesses for questioning as part of the ongoing investigation.
To prevent the dissipation of assets, the Taipei City Investigation Bureau, with prosecutors’ approval, requested the seizure of multiple properties and valuables. On Oct. 27, the court authorized the seizure of 18 properties.
These included 11 units and 48 parking spaces at the Daan District Peace Palace complex valued at around NT$3.8 billion, 26 luxury vehicles worth over NT$400 million, and 60 bank accounts holding more than NT$200 million.
Investigations indicate that the Prince Holding Group operated four major companies in Taiwan. The group reportedly transferred illicit money into the country to purchase luxury properties, disguised money-laundering activities under the guise of legitimate businesses, and attempted to sell high-value assets below market value to evade detection.
Some operations were linked to offshore resort development schemes. Several Taiwanese nationals tied to the companies have been sanctioned by US authorities.
Chen has been indicted in the US, where authorities allege he led a massive cyber-fraud operation under the Prince Group umbrella. The FBI described it as one of the largest financial fraud takedowns in history, involving a global criminal network with forced labor, money laundering, investment scams, and stolen assets that targeted millions of victims, according to the US Department of Justice.
