Taiwanese prosecutors have charged 62 individuals and 13 companies for involvement in the criminal network of Chen Zhi, founder of the Prince Group empire in Cambodia. Investigations found they used Taiwan as a hub to launder over 10 billion baht, purchasing real estate and luxury supercars.
The Taipei District Prosecutors Office announced charges against 62 individuals and 13 legal entities on multiple serious counts, including establishing and controlling a criminal organization, laundering massive sums of money, and operating illegal gambling activities. All are linked to Chen Zhi, founder of Prince Holding Group and a powerful Cambodian billionaire.
Investigations revealed that Chen Zhi and his network used Taiwan as a key base to transfer assets obtained through illegal activities, including online scams and transnational gambling. Funds were funneled through nominee companies into Taiwan totaling more than 10.8 billion New Taiwan dollars (approximately 10.76 billion baht).
These funds were converted into luxury assets to conceal their origins, including 24 luxury houses and condominiums, 35 high-end vehicles such as Ferrari and Porsche supercars, as well as cash, branded bags, and designer shoes worth over 55 million New Taiwan dollars.
Taiwan authorities have seized assets worth over 5.5 billion New Taiwan dollars. Last Monday, 33 luxury cars, including limited editions, were auctioned off, generating more than 12 million U.S. dollars in revenue for the state.
Behind Chen Zhi's criminal empire, U.S. authorities have charged him with fraud and money laundering, describing Prince Group as a front for a cybercrime network worth billions of dollars. He is also accused of operating forced labor camps in Cambodia to coerce victims into global scams.
Chen Zhi was deported from Cambodia to China in January. Chinese state media released images showing him handcuffed and hooded as he disembarked at Beijing airport. China labeled him as the "leader of a major transnational gambling and fraud criminal organization."
Taiwanese prosecutors stated that this network’s activities severely harmed Taiwan’s financial systems and social stability, while also damaging Taiwan’s international reputation. They have recommended prison sentences for the defendants ranging from six years to over 20 years.
Currently, authorities across Asia, including in Singapore and Hong Kong, are intensifying efforts to freeze assets and detain individuals linked to the Prince Group network, aiming to dismantle the transnational crime ring that grew during the COVID-19 pandemic.
. Reuters/ AFP