Prosecutors yesterday indicted 62 people and 13 companies on money laundering charges involving more than NT$10.7 billion (US$337.59 million) in illicit funds through Taiwan.
The funds were linked to the Cambodia-based Prince Holding Group, which the US alleges is a front for a multibillion-US-dollar online fraud and money-laundering operation.
Prince Holding Group founder, Chinese-born Cambodian Chen Zhi (陳志), is facing up to 13 years in prison, as prosecutors seek a maximum sentence.
Photo: CNA
He faces charges of money laundering, conspiracy, gambling, document forgery and contraventions of the Business Entity Accounting Act (商業會計法).
The Taipei District Prosecutors’ Office yesterday completed its investigation that began on Oct. 15 last year, which entailed eight search operations and resulted in the detention of nine people.
A report by the Cambodian Ministry of the Interior in January said that it had revoked Chen’s Cambodian citizenship the previous month and extradited him to China.
Although Chen’s whereabouts are unknown, the office said it moved to prosecute him regardless.
Chen allegedly ran forced labor scam compounds in Cambodia and an illegal gambling network.
Starting in 2016, he worked with a number of companies in Taiwan to establish a money laundering network, prosecutors said.
He set up a total of 250 companies across 18 countries and held 453 international bank accounts, they added.
US federal prosecutors indicted Chen and his associates on Oct. 8, while the US Department of the Treasury’s Office of Foreign Assets Control on Oct. 14 named Prince Holding’s nine shell companies and three Taiwanese nationals as Specially Designated Nationals.
If convicted in the US, Chen faces a 40-year prison sentence. US authorities have also seized about 127,000 bitcoin valued at more than US$11 billion.
Meanwhile, Taiwanese prosecutors said they have seized more than NT$5.5 billion in assets, including NT$55 million worth of designer goods and cash, NT$447 million from 337 bank accounts and 24 real-estate properties worth NT$3.98 billion.
The district prosecutors’ office also seized 35 luxury cars worth NT$1.1 billion, 24 of which have since been auctioned for a total of NT$436.62 million.
Prosecutors said they are seeking a 20-year prison sentence and a fine of NT$250 million fine for Chen’s alleged accomplice, Li Tian (李添), while for two Singaporean nationals, it is seeking sentences of 18 years with a NT$150 million fine and 12 years with an NT$100 million fine respectively.
Prosecutors are requesting prison terms of between six and 16 years for the other defendants.
“To conceal and disguise criminal proceeds, they exploited Taiwanese to carry out money-laundering activities in Taiwan through online gambling and ?underground remittances,” the office said.
“This not only seriously disrupted ?Taiwan’s financial order and social stability, but also damaged Taiwan’s international image,” it added.
Additional reporting by Reuters
FUKUOKA SITUATION: Japanese media reported that the pathogen is expected to be identified by the summer, while the CDC downplayed the idea that it was hMPV A “mysterious cold-like illness” reported in Japan’s Fukuoka Prefecture does not seem to be a new disease, but Japanese authorities have been asked about the situation, the Centers for Disease Control (CDC) said yesterday. The Fukuoka Prefectural Medical Association on Wednesday told a news conference that a “mystery cold” that has become a hot topic on social media is “highly likely to be caused by some kind of viral infection,” Japan’s KBC News reported. “Many people are experiencing symptoms starting with a sore throat, followed by a runny nose, phlegm and a severe cough,” KBC News reported, citing association officials. Health authorities are
Nvidia Corp CEO Jensen Huang (黃仁勳) arrived in Taiwan yesterday ahead of upcoming AI and technology events, saying he plans to meet with clients and Taiwan Semiconductor Manufacturing Co Chairman C.C. Wei (魏哲家) during his visit. After landing at Taipei Songshan Airport, Huang posed for photos with fans and handed out Yakult drinks to reporters and supporters waiting at the scene, saying he has “a lot to do” during the trip. Asked about reports that Nvidia’s planned headquarters site in Taipei’s Beitou Shilin Technology Park could break ground on May 27, Huang said that if the company holds an event, he would
The Ministry of Finance this afternoon announced the winning numbers for the March-April uniform invoice lottery. The winning number for the NT$10 million (US$318,060) special prize is 19531471, and the winning number for the NT$2 million grand prize is 85941329. Three numbers were drawn for the NT$200,000 first prize: 07225810, 20231230 and 83518781. Those with receipts matching the last seven digits of any of the first-prize numbers will win the NT$40,000 second prize, while those matching the last six digits will win the NT$10,000 third prize. Those whose receipts match the last five digits of the first-prize numbers can claim the NT$4,000 fourth prize,
SIX SUBSIDIES: The monthly allowance for older farmers is to increase to NT$10,000, and NT$5,000 is to be given to homemakers under the national pension system, Lai said The government is to implement major welfare policies for disadvantaged groups, including raising the monthly allowance for older farmers to NT$10,000 and providing homemakers with NT$5,000 per month, President William Lai (賴清德) said yesterday. Lai made the remarks during a visit to Wangling Temple in Chiayi County, saying that the planned increases were being introduced amid economic growth and an increase in tax revenue. Touting a policy, in which the government plans to provide a monthly allowance of NT$5,000 for every child under the age of 18 in a bid to address Taiwan’s low birthrate, Lai said that if received for the
RSS