Taiwan indicts 62 in NT$10.79 billion Prince Holding money laundering case

A total of 62 individuals and 13 companies have been indicted on charges including violations of the Organised Crime Prevention Act, the Money Laundering Control Act, the Business Entity Accounting Act, and criminal offences encompassing illegal gambling and document forgery.

Prosecutors calculated that the total amount laundered through Taiwan reached NT$10,790,765,905.37 (approximately US$341.2 million) — just under NT$10.8 billion. Seized assets across the investigation total more than NT$5.5 billion (approximately US$173.9 million).

The case against Chen Zhi

The principal defendant is Chen Zhi (陳志), a Chinese-born Cambodian national and founder of Prince Holding Group. Prosecutors are seeking the maximum statutory sentence of 13 years' imprisonment for Chen under Taiwan law.

Prosecutors allege that Chen was the instigator, director, and commanding figure of Prince Holding Group's transnational criminal organisation, and that his conduct represents the most serious tier of culpability in the case.

Although Chen's current whereabouts remain unknown, the office stated it had proceeded with prosecution on the grounds that his criminal conduct had been clearly established.

According to a statement issued by the Cambodian Ministry of Interior in January 2026, Cambodia revoked Chen's citizenship in December 2025 and subsequently extradited him to China.

Breakdown of laundered funds

The total laundered amount was derived from three streams, according to the official press release.

Prince Holding Group transferred funds through foreign exchange channels into accounts held by 16 Taiwan-based companies, amounting to NT$9.717 billion. A further NT$629.93 million entered Taiwan via the group's OJBK underground remittance network.

A separate but linked criminal network led by Wu Yi-xian (吳逸先) laundered an additional NT$418.76 million into Taiwan between 2017 and 2024.

Combined with other individual money laundering offences in the case, the total reached NT$10,790,765,905.37.

Structure and methods of the alleged criminal network

Prosecutors allege that starting in 2016, Chen directed associates to establish multiple companies in Taiwan to support Prince Holding Group's illegal online gambling and money laundering operations.

The group is alleged to have controlled 250 companies across 18 countries and maintained 453 domestic and international financial accounts. These entities were used to fabricate fictitious trade contracts and route criminal proceeds through foreign exchange channels.

To move funds held in virtual assets into Taiwan while obscuring their origin, the group allegedly deployed a self-developed digital wallet known as OJBK, connected to a network of underground remittance operations.

This arrangement enabled the group to convert proceeds into cash across multiple jurisdictions, creating deliberate breaks in the financial trail before funds entered Taiwan. The laundered proceeds were then used to purchase luxury vehicles, fine wines, cigars, tea, artworks, and real estate.

To maintain the appearance of legitimate financial activity in the accounts of its Taiwan-based companies, the group allegedly fabricated transaction contracts presented to financial institutions during foreign exchange settlement declarations.

Real estate acquisitions

In 2018, Chen allegedly directed associates to establish eight shell companies — referred to in the press release as the Heping Da Yuan (和平大苑) group — to purchase luxury residential properties in Taiwan in the name of those entities.

Eight corresponding parent companies were subsequently incorporated in Singapore, with criminal proceeds remitted to Taiwan as overseas investment capital. A total of 18 properties were acquired through this structure, comprising 11 residential units and 53 parking spaces.

Mortgage repayments and maintenance costs were met using funds routed through fictitious lease agreements, similarly fabricated for the purpose of foreign exchange settlement declarations.

The Wu Yi-xian network

Wu Yi-xian (吳逸先) operated a distinct but intersecting criminal network. Having become acquainted with Prince Holding Group through shared involvement in illegal online gambling operations in Cambodia, Wu established Ruisen Company (睿森公司) in Taiwan in 2017 to develop his own illegal gambling business.

Wu allegedly instructed associates to withdraw large volumes of cash from multiple underground remittance operations within Taiwan, including Ruisen Jewellery Exchange. The funds were then used to purchase real estate and luxury vehicles.

Wu's siblings, Wu Jia (吳家) and Wu Yi (吳毅), are alleged to have held assets nominally on his behalf and to have managed his financial flows within Taiwan.

From early 2024, Wu allegedly used Wang Guo (王國) as a cash courier to collect funds from underground remittance operations linked to the OJBK platform and deliver them to designated recipients on behalf of Prince Holding Group.

Sentences sought

Prosecutors have set out sentencing recommendations for all principal defendants.

For Chen Zhi, the maximum statutory term of 13 years has been requested. The same maximum term is sought for Wu Yi-xian.

For Li Tian (李添), described as Chen's most trusted associate and the effective operational director of Prince Holding Group's Taiwan activities, prosecutors are requesting a sentence of 20 years or more, together with a fine of NT$250 million. The press release notes that after the US indictment and sanctions were announced, Li Tian directed co-defendants to conceal assets.

For Singaporean national Chen Hsiu-ling (陳秀玲), who served as the group's financial operations director, prosecutors are seeking 18 years or more and a fine of NT$150 million.

For fellow Singaporean national Chang Kang-yao (張剛耀), who is said to have led the group's initial expansion into Taiwan, prosecutors are requesting 12 years or more and a fine of NT$100 million.

Among Taiwan-based operatives, Gu Shu-wen (辜淑雯), the group's head of human resources and administrative affairs in Taiwan, faces a requested sentence of 16 years or more and a fine of NT$80 million. Wang Yu-tang (王昱棠), the Taiwan-based operational commander, faces a requested 15 years or more with a fine of NT$50 million.

Accounting director Chen Li-shan (陳麗珊) and two other senior figures face requested sentences of 10 years or more, with fines ranging from NT$20 million to NT$30 million. Lin Wen (林妏), identified as Li Tian's personal secretary, faces seven years or more and a fine of NT$10 million. Wu Jia and Wu Yi, Wu Yi-xian's siblings, face six years or more each with fines of NT$50 million.

Prosecutors are seeking terms ranging from six to 16 years for remaining defendants.

Deferred prosecution and fugitives

Twenty-four individuals received deferred prosecution, having been charged with operating illegal gambling venues. The press release states that prosecutors considered their offences to be of a lesser degree of gravity, and that all had admitted their conduct and shown remorse during the investigation.

Deferred prosecution conditions require each individual to make a payment to the public treasury, ranging from NT$300,000 to NT$1 million, and to attend six hours of civic legal education. One individual was not prosecuted due to insufficient evidence.

Three individuals remain at large and have been subject to arrest warrants. They are identified as Singaporean national Yeo Huat Alan (楊發), a mainland Chinese national surnamed Guo (郭), and Malaysian national Chow Soon.

Five further individuals — including three sanctioned by the US Office of Foreign Assets Control (OFAC) and the registered operators of an underground remittance business and a Palauan resort — remain under separate ongoing investigation.

Investigation timeline

The Taipei District Prosecutors' Office opened the investigation on 15 October 2025, the day after the OFAC sanctions were publicly announced.

The case was led by Senior Prosecutor Lin Yen-chun (林彥均) and Prosecutors Hsieh Jen-hao (謝仁豪) and Chen Yi-chun (陳怡君).

The investigation was conducted jointly with the Investigation Bureau's Taipei City and Keelung branches, the National Police Agency's Criminal Investigation Bureau, and police precincts in Taipei and Kaohsiung.

Over 140 days, eight rounds of search operations were conducted. Nine defendants were remanded in custody and 73 were released on bail.

US proceedings and international dimensions

US federal prosecutors indicted Chen Zhi and associates on 8 October 2025. OFAC designated nine of Prince Holding Group's Taiwan-registered shell companies and three Taiwanese nationals as Specially Designated Nationals, with the announcement made on 14 October 2025.

If convicted in the United States, Chen faces a maximum sentence of 40 years for wire fraud and money laundering conspiracy. US authorities have separately seized approximately 127,271 bitcoin, currently valued at more than US$11 billion.

Asset seizures and auctions

In Taiwan, total seized assets exceed NT$5.5 billion. These comprise 24 real-estate properties valued at approximately NT$3.98 billion, 35 luxury vehicles worth approximately NT$1.1 billion, funds exceeding NT$447 million from 337 bank accounts, and movable assets including cash, designer handbags, footwear, and other goods valued at approximately NT$55 million.

The Taipei District Prosecutors' Office commissioned the Agency of Administrative Enforcement's Shihlin Branch and Taipei Branch to conduct public auctions.

On 2 March 2026, the Taipei Branch auctioned 24 luxury vehicles for a combined total of NT$436.62 million.

The highest-profile sale was a Ferrari LaFerrari, which achieved NT$135 million. A Porsche 918 Spyder sold for NT$56 million. A Bugatti Chiron Sport, listed with an opening price of NT$95 million, and a McLaren P1, listed at NT$70 million, both failed to attract bids.

On 3 March 2026, the Shihlin Branch conducted a designer goods auction in which 34 items were sold for a combined total of NT$1,705,660. A Hermès matte crocodile Birkin bag achieved NT$840,000, the highest single-item result. Other brands represented at auction included Stefano Ricci, Chrome Hearts, Goyard, Prada, and Balenciaga.

Prosecutors have applied to the court for the confiscation and forfeiture of all identified criminal proceeds under the Money Laundering Control Act, the Organised Crime Prevention Act, and the Criminal Code.