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Prosecutors in Taipei have filed charges against dozens of people in a sprawling money laundering case tied to the Cambodia-based Prince Group, wrapping up a months-long investigation into a network authorities say moved billions of New Taiwan dollars through the island’s financial system.
The Taipei District Prosecutors Office announced Wednesday (March 4) that 62 defendants and 13 companies have been indicted. The charges include alleged organized crime activity, money laundering, illegal gambling operations, accounting violations and document forgery.
This agency immediately initiated an investigation the following day (October 15, 2015) and directed the aforementioned judicial police agency to conduct a 140-day investigation, carrying out eight waves of search operations. The prosecutor applied to the court for the detention of nine defendants, which was granted, and bail was granted to 732 other defendants. Luxury goods, cars, mansions, and financial accounts with a total value exceeding HK$5.5 billion were seized. The investigation concluded today (4th).
Taipei District Prosecutors Office
Investigators say more than NT$10.7 billion ($340 million), flowed through the suspected network in Taiwan.
The indictment identifies Chen Zhi, described by prosecutors as the head of the Prince Group, and Wang Yutang, whom authorities say oversaw the organization’s activities inside Taiwan. Prosecutors said they intend to pursue the maximum penalty allowed under Taiwanese law for Chen.
Authorities say the operation was part of a cross-border criminal structure that operated largely from Cambodia, from where Chen was extradited from, while using companies and financial channels across several countries to move and disguise illicit proceeds.
Prince Group investigation expands beyond Taiwan
Taiwanese investigators opened their probe in October 2025 after U.S. authorities filed criminal charges against Chen and several associates over alleged fraud and money laundering schemes. Around the same time, the U.S. Treasury Department’s Office of Foreign Assets Control placed nine Taiwan-linked companies and three Taiwanese individuals connected to the group on its sanctions list.
The Taiwanese investigation stretched roughly 140 days and involved cooperation between multiple agencies, including the Ministry of Justice Investigation Bureau and the National Police Agency. During the inquiry, officers carried out eight waves of coordinated searches and arrested several suspects. Courts approved the detention of nine defendants during the probe.
Prosecutors say investigators uncovered an extensive web of companies used to circulate funds linked to suspected criminal activity. In total, authorities believe the network handled more than NT$10.79 billion through transactions routed through Taiwan.
The probe also led to major asset seizures. Officials confiscated 24 real estate properties and 35 luxury vehicles believed to be connected to the network, with the combined value estimated at more than NT$5.5 billion.
The case overlaps with a series of international investigations targeting gambling and financial crime networks linked to Chen and affiliated entities. Hong Kong police previously froze about $353 million in assets tied to suspected money laundering activity, while authorities in Hong Kong and Singapore have also taken action to seize assets connected to businesses associated with Prince Holding Group.
Initial international enforcement efforts found that billions of dollars had been stolen from victims around the world. American authorities seized around 127,271 Bitcoin, worth approximately $15 billion, believed to be connected to the scam and gambling enterprises.
Featured image: Prince Holding Group
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