Taiwan seizes US$147m assets in major ‘Prince Group’ money-laundering bust

Taipei prosecutors have dismantled a major money-laundering and online scam network linked to Prince Group, an organisation founded by Cambodian–Chinese tycoon Chen Zhi, who is accused of running one of Asia’s most extensive cybercrime operations.

The Taipei District Prosecutors Office announced on Monday (November 4) that the crackdown followed months of investigation and coordination with US authorities, who had indicted and sanctioned Chen and his associates on October 8. Subsequently, on October 14, the US Office of Foreign Assets Control (OFAC) added three Taiwanese nationals and nine Taiwan-registered companies to its sanctions list, which prompted Taipei to form a special taskforce, to trace the network’s financial links.

The joint Taskforce, comprising prosecutors, the Taipei Investigation Office, and the Criminal Investigation Bureau, launched large-scale raids on Monday morning at the residences and offices of senior Prince Group members and affiliated firms, including Taiwan Prince Real Estate Investment Co. and Alphaconnect Investments Co., all located in Taipei.

Prosecutors said 25 suspects had been detained and another 10 witnesses were questioned.

The raids led to the seizure of assets worth more than NT$4.53 billion (approximately US$147 million), including 18 real estate properties valued at NT$3.81 billion (US$124 million), among them 11 luxury condominium units with 48 parking spaces at the Peace Palace complex on Heping East Road in Taipei.

Authorities also confiscated 26 luxury vehicles worth NT$477 million (US$15.5 million), including Rolls-Royce, Ferrari, and Lamborghini models, along with 60 bank accounts containing more than NT$235 million (US$7.6 million) in deposits.

Investigators said the criminal proceeds were channelled through shell companies in multiple countries and laundered via purchases of luxury goods and real estate to conceal their illicit origins.

All 25 detained suspects are now facing prosecution under Taiwan’s anti-money-laundering and organised crime laws, while further international cooperation is underway to trace the group’s overseas financial flows.