Northern District Prosecutors' Office concludes Prince Group case: sentences Chen Zhiqiu to the maximum penalty, seizes 5.5 billion luxury homes and luxury cars

Taipei District Prosecutors Office announced today (4th) the conclusion of the investigation into the Prince Group’s transnational money laundering case in Taiwan. A total of 62 defendants and 13 companies have been indicted, with 9 individuals in custody. Assets such as luxury homes, high-end cars, and financial accounts worth over NT$5.5 billion have been seized. Prosecutors believe the group laundered up to NT$10.7 billion through gambling platforms, underground remittance, and overseas companies.

U.S. Indictments and Sanctions as Key Turning Points

Prosecutors state that the Prince Group, led by Chen Zhi, has long engaged in fraud and online gambling crimes in Cambodia, establishing a large transnational corporate network for money laundering. In October 2025, U.S. federal prosecutors in the Eastern District of New York filed criminal charges against Chen Zhi and others. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) also sanctioned nine companies and three nationals associated with the Prince Group in Taiwan.

The Taipei District Prosecutors Office took proactive steps the day after the announcement, initiating cross-departmental joint investigations, marking a significant breakthrough in dismantling this transnational criminal organization.

Nine Years of Money Laundering totaling NT$10.7 Billion: Transnational Corporate Operations

Investigations reveal that the Prince Group established multiple companies in Taiwan since 2016, creating a corporate criminal structure that combines gambling platforms, underground remittance, and virtual assets to form a comprehensive money laundering system.

Main operational methods include:

Online Gambling as a Money Laundering Channel

The group set up multiple tech and service companies in Taiwan, operating illegal online gambling platforms that process deposits and withdrawals to launder proceeds from scams.

Overseas Companies and Forex Trading for Money Laundering

The group controls over 250 overseas companies across 18 countries, transferring funds through fictitious contracts and foreign exchange remittances.

Cryptocurrency and Underground Remittance

They developed a virtual asset tool called “OJBK Wallet,” linking to underground remittance channels to convert cryptocurrencies into cash, then funneling the funds into Taiwan.

Luxury Homes and High-End Cars for Money Laundering

Proceeds from crimes are used to purchase luxury homes, cars, and luxury goods in Taiwan, serving as storage and transfer of value.

Luxury Mansion: Peace Grand Garden as a Money Laundering Hub

Prosecutors state that Chen Zhi directed members to establish eight shell companies to purchase properties in the well-known Taipei luxury community “Peace Grand Garden” under fake shareholder names. The case involves 11 luxury homes and 48 parking spaces. Funds for these properties were transferred through a parent company set up in Singapore, using fictitious rental agreements and loan documents to obscure the source of funds.

Taipei Prosecutors Seize 24 Properties and 35 Supercars Worth Over NT$5 Billion

Seized assets include:

24 properties valued at approximately NT$3.98 billion.

35 supercars and luxury vehicles valued at about NT$1.1 billion.

337 financial accounts with a total balance of around NT$440 million.

Additionally, a large number of luxury bags, cigars, and other high-end goods were confiscated. Some luxury cars and items have been auctioned off, raising over NT$438 million.

Prosecutors Seek Maximum Penalties for Prince Group Leader Chen Zhi

Prosecutors state that the Prince Group operates transnational crimes through corporate structures, laundering large-scale fraud and gambling proceeds into Taiwan, severely disrupting financial order and damaging international reputation. They are seeking the maximum penalties for key members, including:

Chen Zhi: Requesting the maximum statutory sentence

Taipei-based operator Li (surname) and other key personnel: Requesting over 20 years in prison and a fine of NT$250 million

Funds management supervisor: Requesting over 18 years in prison

Other main officers in Taiwan: Most sentences ranging from 10 to 16 years

Additionally, three defendants remain at large and are wanted for arrest. Some involved individuals are still under investigation.

This article, “Taipei Prosecutors Conclude Prince Group Case: Seeking Maximum Penalties for Chen Zhi, Seizing NT$5.5 Billion in Luxury Homes and Cars,” first appeared on Lian News ABMedia.