Prosecutors in Taiwan announced Wednesday they have filed criminal charges against 62 individuals connected to an international fraud operation known as the Prince Group, which authorities say operated massive scam centers across multiple countries.
The organization’s founder, Chen Zhi, was taken into custody and sent back to China from Cambodia in January. U.S. officials claim his business empire served as a cover for online fraud and money laundering activities worth billions of dollars. Chinese media showed images of Chen being escorted from an aircraft at Beijing’s airport while wearing handcuffs and a hood.
According to Taiwan’s prosecution office, the island nation became one of several locations where Chen moved illegal money through fake companies, purchasing high-end merchandise, expensive automobiles, and property investments.
“This was done to conceal and disguise the source and flow of the criminal proceeds,” prosecutors stated in their announcement.
The prosecution office revealed that Prince Group members transferred approximately T$10.8 billion (equivalent to $339.12 million) into Taiwan from foreign accounts for suspected money laundering activities. With these funds, they acquired 24 real estate properties, 35 automobiles, and accumulated T$55.53 million worth of additional assets including cash, luxury handbags, and footwear.
Taiwan authorities have confiscated more than T$5.5 billion worth of assets during their investigation.
Chen’s current location remains unknown, and attempts to reach him for a response have been unsuccessful.
Last November, the Prince Group issued a denial of any criminal activity through a United States legal firm.
Earlier this week, Taiwan held an auction for 33 high-end vehicles, including Ferrari models, that were confiscated during the probe.
“To conceal and disguise criminal proceeds, they exploited Taiwanese nationals to carry out money-laundering activities in Taiwan through online gambling and underground remittances,” the prosecution office explained.
“This not only seriously disrupted Taiwan’s financial order and social stability, but also damaged Taiwan’s international image.”
Law enforcement agencies throughout Asia, including those in Singapore and Hong Kong, have similarly confiscated assets and arrested people with ties to the Prince Group.
This international scam network developed across Southeast Asia while the pandemic was occurring. Experts believe these operations generate billions annually for criminal organizations by using trafficked workers to target victims worldwide.
