- Taipei’s District Prosecutors’ Office indicted 62 individuals and 13 companies on March 4 for allegedly laundering US$337 million through Taiwan on behalf of the Cambodia-based Prince Group.
- The alleged ringleader, Chen Zhi, faces a maximum 13-year term in Taiwan and up to 40 years in US federal proceedings that began in October 2025.
- Prosecutors have seized NT$5.5 billion (US$172 million) in assets, including properties and high-end vehicles.
Taipei prosecutors indicted 62 individuals and 13 companies on March 4 for allegedly laundering US$337 million (AU$516 million) through Taiwan for the Cambodia-based Prince Group, a network the U.S. Department of Justice designated as a transnational criminal organisation in 2025.
The charges follow a 140-day investigation by the Taipei District Prosecutors’ Office that included eight coordinated raids across Taiwan. Nine suspects are currently in custody.
Chen Zhi, identified by prosecutors as the group’s founder and top decision-maker, was charged in absentia after Cambodian authorities extradited him to China earlier this year. Taiwanese prosecutors are seeking the maximum 13-year sentence under local law. Chen also faces U.S. federal charges filed in October 2025 that carry a potential sentence of up to 40 years.
Other senior figures face lengthy prison terms and large financial penalties. Li Tian faces US$7.82 million (AU$11.96 million) in fines and up to 20 years in prison, while Chen Xiuling faces US$4.69 million (AU$7.18 million) and 18 years.
Teo Kang Yeow Cliff faces US$3.13 million (AU$4.79 million) and 12 years. Prosecutors identified Wang Yu-tang as the group’s operational leader in Taiwan. Three suspects remain at large.
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Laundering Network and Crypto Wallet System
Prosecutors said the Prince Group operated through roughly 250 offshore companies across 18 countries and controlled 453 domestic and overseas financial accounts to move illicit funds.
Authorities allege the network fabricated commercial contracts between offshore entities to make transfers appear as legitimate commercial activity. Illegal gambling operations linked to the group were active in Taiwan as early as 2016.
Investigators said the organisation also developed a blockchain platform known as the “OJBK wallet”, which processed virtual asset proceeds through underground remittance networks and foreign-exchange channels to obscure the origin of funds.
Moreover, Taiwanese authorities seized more than US$172 million (AU$263 million) in assets linked to the case.
The confiscations include 24 luxury residential properties worth US$124.84 million (AU$190.99 million), 35 high-end vehicles, US$14.02 million (AU$21.45 million) taken from 337 bank accounts, and US$1.72 million (AU$2.63 million) in designer goods and cash.
Some of the seized assets have already been auctioned. Quite fast if you ask me.
Anyway, the Taiwan indictments follow US enforcement action against the Prince Group, of which US authorities accused of operating large-scale online fraud and money laundering operations from Cambodia, allegations that helped trigger Taiwan’s investigation.
The US Department of Justice (DOJ) charged Chen Zhi in October 2025, while the Treasury Department imposed sanctions days later.
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