Taiwan Charges 62 People Over Links to Prince Group Cyber Scam Network

Taiwanese prosecutors have charged 62 individuals and 13 companies for their alleged involvement in a large cyber-fraud network linked to the Prince Group, a conglomerate accused of operating scam operations across Asia.

The indictments were announced by the Taipei District Prosecutors Office after an investigation that began in October. The probe followed the indictment of Prince Group founder Chen Zhi by United States prosecutors on money-laundering charges.

Authorities believe the group managed scam compounds in Cambodia where workers, including victims of human trafficking, were forced to run online fraud schemes. These operations targeted victims in the United States, Europe and China through fake investment opportunities, romance scams and other deceptive tactics that generated billions of dollars.

Chen was arrested in Cambodia earlier this year and later extradited to China. His current legal status in China has not been publicly confirmed.

Millions Laundered Through Taiwan

Taiwanese investigators reported that individuals connected to Prince Group channelled at least US$339 million into Taiwan. The funds were allegedly used to purchase 24 properties, 35 vehicles and other assets worth about US$1.7 million.

Authorities have seized roughly US$174 million in cash and assets as part of the investigation.

Prosecutors described the organisation as a structured international network that relied heavily on offshore companies and financial accounts to move illicit funds. They stated that the group controlled about 250 offshore companies in 18 countries and operated 453 financial accounts worldwide.

Through fictitious commercial agreements between these entities, the network allegedly moved funds across borders and disguised the money as legitimate transactions.

A Multinational Network

Nine suspects remain in detention while 73 others have been released on bail. Those held are believed to be senior figures or individuals closely linked to the financial operations of the network.

Among the people indicted are nationals from Cambodia, Singapore, China and Malaysia. Chen and several associates face accusations related to organised crime, money laundering and other financial offences.

The Taiwanese case echoes earlier accusations from the United States Treasury Department, which alleged that Prince Group profited from illegal online gambling, sextortion and large-scale human trafficking linked to scam compounds in Cambodia.

Luxury Assets and Shell Companies

Prosecutors believe the Taiwan-based operation began in 2016 when Chen assigned associates Wang Tang and Zhang Yao to manage gambling and money-laundering activities from Taipei and other cities.

Investigators later uncovered a network of shell companies and bank accounts in jurisdictions including the Marshall Islands, Seychelles, the Isle of Man, Japan and Thailand.

Members of the group allegedly attempted to disguise illicit profits by purchasing luxury homes, designer goods and high-end vehicles.

24 defendants were charged with relatively minor gambling offences. Prosecutors said they admitted their involvement and showed remorse, resulting in deferred prosecutions.

International Crackdown

Authorities in the United States and the United Kingdom have also imposed sanctions on Prince Group.

The US Department of Justice has also seized roughly US$15 billion worth of bitcoin from cryptocurrency accounts linked to Chen.

Prince Group denied the allegations in a statement released in November. However, following Chens arrest, many of its operations appear to have shut down, with reports of workers and trafficking victims leaving heavily guarded compounds and seeking help from foreign embassies.

Chen, who was born in Chinas Fujian province, had previously built a reputation as a prominent businessman in Cambodia before the criminal allegations emerged.