Taipei prosecutors have detained 25 suspects and seized more than NT$4.5 billion (US $145.72 million) in assets linked to the Cambodia-based Prince Holding Group (Prince Group), which the United States sanctioned last month for transnational fraud and money laundering involving Taiwanese nationals and companies.
In a statement released yesterday, the Taipei District Prosecutors Office said the group, led by Chen Zhi (陳志), a China-born Cambodian tycoon, allegedly operated large- scale online scams in Cambodia and laundered the illicit proceeds through shell companies and business networks spanning multiple countries.
US federal prosecutors indicted Chen and his associates on Oct. 8, and the US Treasury Department’s Office of Foreign Assets Control (OFAC) later added three Taiwanese nationals and nine Taiwan-registered companies to its sanctions list, which was made public on Oct. 14.
Photo courtesy of the Ministry of Justice Investigation Bureau
After receiving information from US authorities, the Taipei District Prosecutors Office formed a task force on Oct. 15 with the Investigation Bureau’s Taipei office and the National Police Agency’s Criminal Investigation Bureau to trace the group’s financial flows and assets in Taiwan.
Early yesterday, investigators and police conducted 47 simultaneous raids on the homes and offices of senior members of the Prince Group and related firms -- all based in Taipei -- including Taiwan Prince Real Estate Investment Co. and Alphaconnect Investments Co.
Prosecutors said a total of 25 suspects were detained, and 10 witnesses were summoned for questioning.
The statement said prosecutors obtained court approval to seize 18 real estate properties -- including 11 luxury apartments and 48 parking spaces in the upscale Peace Palace complex on Taipei’s Heping East Road -- worth NT $3.81 billion to prevent asset flight.
In addition, 26 luxury vehicles, including Rolls-Royce, Ferrari and Lamborghini models valued at NT$477.58 million, and 60 bank accounts holding NT$235.87 million were also confiscated.
The total value of the seized assets reached approximately NT$4.53 billion, the Taipei District Court confirmed in a ruling issued Oct. 27.
According to Taiwan’s Investigation Bureau, the Prince Group ran forced-labor scam parks in Cambodia that engaged in cryptocurrency and online gambling fraud schemes.
The illicit gains were funneled through shell companies established in various countries and then laundered through the purchase of luxury goods and real estate to conceal their criminal origins, the bureau said.
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