Taiwanese prosecutors have seized NT$4.53 billion ($146.4 million) in assets and detained 25 suspects in a sweeping investigation into Cambodia’s Prince Holding Group, which was sanctioned by the United States last month for transnational fraud and money laundering.
The Taipei District Prosecutors Office said Tuesday that the group, led by China-born Cambodian tycoon Chen Zhi, allegedly ran large-scale online scams from Cambodia and laundered proceeds through shell companies and business networks spanning multiple countries.
US federal prosecutors indicted Chen and his associates on October 8th, and the Treasury Department later sanctioned three Taiwanese nationals and nine Taiwan-registered firms linked to the group.
According to Focus Taiwan, Taiwanese authorities launched a joint task force on October 15th involving the Investigation Bureau and the National Police Agency to trace the group’s financial flows. On Tuesday, investigators conducted 47 raids across Taipei, targeting homes and offices of Prince Group affiliates, including Taiwan Prince Real Estate Investment Co. and Alphaconnect Investments Co.
Among the seized assets were 18 properties — including 11 luxury apartments and 48 parking spaces in Taipei’s upscale Peace Palace complex — valued at NT$3.81 billion ($123.17 million).
Authorities also confiscated 26 luxury vehicles, including Rolls-Royce, Ferrari, and Lamborghini models, worth NT$477.58 million ($15.45 million), and 60 bank accounts holding NT$235.87 million ($7.63 million).
Taiwan’s Investigation Bureau said the Prince Group operated forced-labor scam parks in Cambodia focused on cryptocurrency and online gambling fraud. The illicit gains were funneled through shell companies and laundered via luxury goods and real estate to conceal their criminal origins.
The Taipei District Court confirmed the asset seizures in a ruling issued October 27th.
Multiple different authorities across Asia, including South Korea, Hong Kong, and Singapore, have already advanced with investigations into entities connected to the Cambodia-based group.
