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Taiwanese prosecutors have indicted 62 individuals and 13 companies linked to the Prince Holding Group, a Cambodian conglomerate accused of operating a massive “cyberscam” network.
The group’s founder, Chen Zhi, who was recently deported from Cambodia to China, is alleged to be the mastermind behind a multibillion-dollar criminal enterprise.
The syndicate reportedly lured victims worldwide into fraudulent cryptocurrency schemes and romantic scams, often utilising forced labour camps in Southeast Asia to man their operations.
According to the Taipei District Prosecutors’ Office, the Prince Group began establishing shell companies in Taiwan as early as 2016 to facilitate illegal gambling and large-scale money laundering.
Investigators discovered that more than $300 million was funnelled through Taiwanese foreign exchange channels.
The charges filed on Wednesday include directing a criminal organisation, money laundering, falsifying accounting records, and using forged business documents.
As part of the crackdown, Taiwanese authorities seized more than $170 million in assets, ranging from luxury real estate to high-end vehicles.
A public auction of dozens of confiscated sports cars, including rare models from Ferrari and Porsche, has already recovered over $12 million.
Prosecutors are now seeking severe penalties for those involved, with requested prison sentences ranging from six to more than 20 years.
