Taiwanese authorities have launched a large-scale crackdown targeting the Cambodia-based Prince Holding Group, arresting 25 suspects and confiscating more than $145 million in assets. The investigation connects the group’s operations to illegal gambling, cryptocurrency fraud, and human trafficking networks spanning multiple countries.
The operation, led by Taiwan’s Ministry of Justice Investigation Bureau, involved coordinated raids across 47 locations, including the homes of senior Prince Group affiliates. Officials seized 18 properties, 26 luxury vehicles, and several bank accounts containing approximately NT$4.5 billion (US$145.5 million). The crackdown is being hailed as one of the nation’s most significant financial crime operations in recent years.
At the center of the investigation is Chen Zhi, the Chinese-born founder of Prince Group, who holds both Cambodian and British citizenship. Chen faces multiple international charges following a US Department of Justice indictment that links his empire to a $15 billion Bitcoin laundering operation. The US and UK have also imposed sanctions, freezing his assets and restricting global transactions.
Authorities allege that Prince Group used legitimate businesses and real estate holdings to conceal illicit proceeds, operating fraudulent crypto and online gambling ventures under the cover of corporate legitimacy. Victims across Asia were coerced into “pig butchering” scams long-term fraudulent investment schemes executed through psychological manipulation.
This case marks a turning point for international collaboration against cross-border crime in the iGaming and cryptocurrency sectors, setting a precedent for stronger financial transparency and compliance enforcement across Asia.
