Prosecutors in Taipei have filed prices 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} by the island’s monetary system.
The Taipei District Prosecutors Workplace announced 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 have been seized. The investigation concluded at this time (4th).
Taipei District Prosecutors Workplace
Investigators say greater than NT$10.7 billion ($340 million), flowed by 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 mentioned they intend to pursue the utmost penalty allowed below 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 prices in opposition to Chen and a number of other associates over alleged fraud and cash laundering schemes. Across the identical time, the U.S. Treasury Division’s Workplace of International Belongings Management positioned 9 Taiwan-linked corporations and three Taiwanese people linked to the group on its sanctions listing.
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. Through the inquiry, officers carried out eight waves of coordinated searches and arrested a number of suspects. Courts accepted the detention of 9 defendants through the probe.
Prosecutors say investigators uncovered an intensive net of corporations used to flow into funds linked to suspected legal exercise. In whole, authorities imagine the community dealt with greater than NT$10.79 billion by transactions routed by Taiwan.
The probe additionally led to main asset seizures. Officers confiscated 24 actual property properties and 35 luxurious automobiles believed to be linked to the community, with the mixed worth estimated at greater than NT$5.5 billion.
The case overlaps with a collection of worldwide investigations concentrating on playing and monetary crime networks linked to Chen and affiliated entities. Hong Kong police previously froze about $353 million in property tied to suspected cash laundering exercise, whereas authorities in Hong Kong and Singapore have also taken action to seize assets linked 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, price roughly $15 billion, believed to be linked to the rip-off and playing enterprises.
Featured picture: Prince Holding Group
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