Taiwan indicts dozens in NT$10.7 billion money laundering case

Taipei, March 4 (CNA) Taipei prosecutors on Wednesday indicted 62 individuals and 13 companies in a money laundering case linked to the Cambodia-based Prince Holding Group (Prince Group), alleging that the network laundered more than NT$10.79 billion (US$341.09 million) in Taiwan.

Prosecutors are seeking the maximum 13-year prison term for alleged ringleader Chen Zhi (陳志), described as the founder and top decision-maker of the transnational criminal organization.

Although Chen has not appeared in Taiwan and was reportedly extradited to China by the Cambodian government earlier this year, prosecutors said the evidence is sufficient to proceed with charges against him in absentia.

It was not clear how many of the 62 individuals who were indicted are in Taiwan, but nine have been detained inside the country by local authorities.

Beyond the indictment, prosecutors are seeking court approval to confiscate the full NT$10.79 billion in alleged criminal proceeds held in Taiwan.

To date, Taiwan authorities have seized more than NT$5.5 billion in Prince Group assets, including 24 luxury properties, 35 high-end vehicles, 337 financial accounts, cash and designer goods. Some vehicles and luxury items have already been auctioned.

Investigators said the group, which ran telecom fraud operations in Cambodia, controlled 250 firms in 18 countries and held 453 domestic and overseas bank accounts to move illicit funds.

The network allegedly fabricated contracts between affiliated offshore companies and used foreign exchange channels to disguise fund transfers.

To move criminal proceeds held in virtual assets into Taiwan while creating breaks in the money trail, Chen and his associates developed a digital wallet known as the "OJBK wallet," prosecutors said.

The wallet was linked to underground remittance operators, enabling funds to be layered and transferred into Taiwan. The money was then used to buy luxury cars, high-end goods and real estate, as well as to cover the group's expenses in Taiwan.

Fraud proceeds were also funneled through online gambling platforms to further obscure their origin and generate additional illegal profits, prosecutors said.

The indictments follow U.S. charges and sanctions announced last October against Chen and entities linked to the Prince Group. Taiwan's investigation lasted 140 days and involved eight rounds of coordinated raids.

In addition to Chen, several senior executives face prison terms ranging from 10 to 20 years, while three suspects who have yet to be indicted remain at large, prosecutors said.