A massive financial crime network, stretching from Cambodia to Taiwan, has been dismantled following a sweeping investigation by Taipei prosecutors. Dozens now face charges in a case involving billions of New Taiwan dollars funneled through the island’s banking system.
The Taipei District Prosecutors Office announced indictments against 62 individuals and 13 companies, alleging organized crime, money laundering, illegal gambling, accounting fraud, and document forgery. This complex operation, authorities say, was designed to obscure the origins of illicit funds.
The investigation began in October 2025, triggered by criminal charges filed in the United States against Chen Zhi, identified as the alleged head of the Prince Group, and his associates. Simultaneously, the U.S. Treasury Department imposed sanctions on nine Taiwan-linked companies and three individuals connected to the group.
Chen Zhi himself was extradited from Cambodia to face prosecution. Authorities believe he orchestrated the scheme from abroad, utilizing a network of companies and financial channels across multiple countries to launder money and conceal its source.
Over a period of 140 days, Taiwanese investigators, working with the Ministry of Justice Investigation Bureau and the National Police Agency, conducted eight waves of searches and arrests. Nine defendants were detained, while bail was granted to 732 others.
The investigation revealed a sophisticated web of shell companies used to circulate funds linked to criminal activity. More than NT$10.7 billion (approximately $340 million) is believed to have passed through Taiwan as part of the operation.
The scale of the illicit wealth is staggering. Authorities seized 24 properties and 35 luxury vehicles, with a combined estimated value exceeding NT$5.5 billion. This represents a significant blow to the network’s ability to operate.
This case isn’t isolated to Taiwan. Hong Kong police previously froze approximately $353 million in assets linked to suspected money laundering, and authorities in both Hong Kong and Singapore have also moved to seize assets connected to businesses associated with the Prince Holding Group.
The international scope of the investigation uncovered a far-reaching scheme that defrauded victims worldwide. American authorities have already seized approximately 127,271 Bitcoin, valued at around $15 billion, believed to be connected to the scam and related gambling enterprises.
Prosecutors intend to pursue the maximum penalty allowed under Taiwanese law against Chen Zhi, signaling a firm commitment to dismantling this complex criminal enterprise and holding those responsible accountable for their actions.
