Taipei: Prosecutors in Taipei have indicted 62 individuals and 13 companies over their involvement in a money laundering scheme connected to the Cambodia-based Prince Holding Group (Prince Group). The network is accused of laundering more than NT$10.79 billion (US$341.09 million) in Taiwan.
According to Focus Taiwan, prosecutors are pursuing the maximum 13-year prison sentence for Chen Zhi, the alleged ringleader and founder of the transnational criminal organization. Although Chen has not appeared in Taiwan, having reportedly been extradited to China by the Cambodian government earlier this year, prosecutors believe the evidence against him is strong enough to proceed with charges in his absence.
The exact number of the 62 indicted individuals currently in Taiwan remains unclear, but nine have been detained by local authorities. Prosecutors are also seeking court approval to confiscate the entire NT$10.79 billion in alleged criminal proceeds held in Taiwan. Thus far, authorities have seized over NT$5.5 billion in assets from the Prince Group, including luxury properties, vehicles, financial accounts, cash, and designer goods. Some of these items have already been auctioned.
The group, which allegedly operated telecom fraud schemes in Cambodia, reportedly managed 250 firms across 18 countries and maintained 453 bank accounts domestically and overseas to facilitate the movement of illicit funds. The network is accused of fabricating contracts between affiliated offshore companies and exploiting foreign exchange channels to disguise fund transfers.
To transfer criminal proceeds held in virtual assets into Taiwan while obscuring the money trail, Chen and his associates developed a digital wallet called the "OJBK wallet." This wallet was connected to underground remittance operators, allowing funds to be layered and transferred into Taiwan. The laundered money was used to purchase luxury cars, high-end goods, and real estate, as well as to cover the group's expenses in Taiwan. Fraud proceeds were also funneled through online gambling platforms to further obscure their origin and generate additional illegal profits.
These indictments come after U.S. charges and sanctions were announced last October against Chen and entities associated with the Prince Group. Taiwan's investigation spanned 140 days and included eight coordinated raids. Alongside Chen, several senior executives face potential prison sentences ranging from 10 to 20 years, while three suspects remain at large and have not yet been indicted.