Taiwanese prosecutors have indicted 62 individuals connected to the Prince Group, a multinational network accused of operating large-scale scam centres across Asia. Among those charged is the group’s founder and chairman, Chen Zhi, who was arrested in Cambodia and deported to China earlier this year.
Chen, who established the Prince Group conglomerate, is alleged by U.S. authorities to have overseen a multibillion-dollar online fraud and money laundering operation. In January, Chinese state media showed him hooded and handcuffed upon arrival at an airport in Beijing. His current whereabouts remain unknown.
According to Taipei prosecutors, Taiwan served as a key hub where illicit funds were funnelled through shell companies. The money was allegedly used to purchase luxury properties, sports cars, and high-end goods to disguise the origins of criminal proceeds.
Authorities say approximately T$10.8 billion (around $339 million) was transferred into Taiwan from overseas for suspected money laundering. The funds were used to acquire 24 properties, 35 vehicles, and additional luxury assets, including cash and designer goods. More than T$5.5 billion worth of assets have since been seized.
Earlier this week, officials auctioned 33 luxury vehicles — including several Ferraris — confiscated during the investigation. Prosecutors allege that Taiwanese nationals were recruited to facilitate laundering operations via online gambling platforms and underground remittance networks.
The Prince Group has previously denied any wrongdoing, issuing a statement through a U.S. law firm in November.
The broader transnational scam industry, which expanded across Southeast Asia during the COVID-19 pandemic, is believed to generate billions of dollars annually. Authorities in Singapore and Hong Kong have also taken action against individuals and assets linked to the Prince Group network, underscoring the scale of the regional crackdown.
