Taiwan Freezes NT$4.53bn Linked to Prince Group Scam
Taiwanese prosecutors have carried out a sweeping operation against the Cambodia-based Prince Holding Group, freezing NT$4.53 billion (US$146.4 million) in assets and detaining 25 suspects. Authorities described the group as one of Asia’s largest forced-labor and online fraud syndicates, tied to transnational money laundering and cybercrime.
Crackdown Triggered by US Sanctions
The group, headed by Chen Zhi ( a China-born Cambodian businessman ) has been under US investigation following sanctions and indictments issued in October. US prosecutors charged Chen and his associates with transnational fraud and money laundering, while the US Treasury sanctioned several Taiwanese nationals and companies linked to the network.
In response, Taiwan’s Taipei District Prosecutors Office created a special task force on October 15 in coordination with the Investigation Bureau and National Police Agency. On November 4, 47 raids were conducted on offices and residences connected to Prince Group subsidiaries, including Taiwan Prince Real Estate Investment Co. and Alphaconnect Investments Co.
Massive Seizure of Luxury Assets
The raids uncovered 18 luxury properties, mostly apartments and parking spaces in Taipei’s exclusive Peace Palace complex valued at NT$3.81 billion (US$123 million). Authorities also seized 26 luxury cars, including Rolls-Royce, Ferrari, and Lamborghini models, worth NT$477.58 million (US$15.4 million). Over 60 bank accounts containing around NT$235.87 million (US$7.6 million) were frozen to prevent asset concealment or transfer.
An October 27 Taipei District Court ruling confirmed the total asset seizure, reinforcing efforts to prevent illicit capital flight.
Forced-Labor Scams and Laundering Schemes
According to Taiwan’s Investigation Bureau, the Prince Group operated fraudulent compounds in Cambodia that coerced trafficked workers into running online gambling and cryptocurrency investment scams. The proceeds were laundered through shell companies, luxury purchases and real estate to disguise their criminal origins.
Growing International Coordination
Authorities across Asia ( including in South Korea, Hong Kong, and Singapore ) have expanded investigations tied to the syndicate. Singaporean police alone seized more than S$150 million (US$115.9 million) connected to the group. These efforts form part of a wider international initiative to dismantle one of the region’s most extensive scam networks, which has defrauded victims worldwide.
Taiwan’s Broader Anti-Cybercrime Push
Taiwan’s coordinated crackdown underscores its escalating commitment to combating transnational organized crime. By freezing assets and detaining key suspects, prosecutors aim to cripple the Prince Group’s financial infrastructure and deter similar operations.
The operation reflects growing cooperation among Asia-Pacific nations and global law enforcement in addressing cyber-enabled crim a rapidly evolving threat that exploits financial systems and vulnerable populations on an international scale.
