Taiwan seizes $145 million in global crackdown on Prince Holding Group
Taiwanese authorities have detained 25 individuals and seized over $145 million in assets linked to Cambodiaâs Prince Holding Group, a conglomerate accused of operating illegal online gambling and cryptocurrency mining ventures
The groupâs founder, Chen Zhi, is alleged to have orchestrated extensive human trafficking and fraud networks across Asia.
According to Taiwanâs Ministry of Justice Investigation Bureau, coordinated raids targeted 47 sites, including homes of senior Prince Group members. Officials reported the confiscation of 18 properties, 26 luxury vehicles, and bank accounts containing roughly NT$4.5 billion ($145.5 million), calling it one of Taiwanâs largest financial crime operations in recent years.
The arrests come shortly after the US Department of Justice unsealed an indictment against Chen, 37, accusing him of heading a transnational criminal organisation that profited billions through fraud, illegal gambling, and crypto-based schemes since 2015. The Prince Group allegedly operated in over 30 countries, using legitimate business fronts to disguise illicit earnings.
In October, both the US and UK imposed sanctions on Chen, freezing his assets and prohibiting transactions with his firms. Authorities allege his empire was built on forced labour compounds in Cambodia, where thousands were coerced into running âpig butcheringâ scams â fraudulent crypto investment schemes involving long-term online manipulation of victims.
The indictment also links Chen to money laundering involving around $15 billion in Bitcoin, reflecting the scale and complexity of his operations. Despite his criminal ties, Chen â who holds British and Cambodian citizenship â has cultivated a philanthropic image through initiatives like a luxury watchmaking school.
His companyâs Lotus Tourbillon watch, featuring the Prince Groupâs crown emblem, was once presented by Cambodian Prime Minister Hun Sen as a diplomatic gift to global leaders, including Joe Biden, who later submitted the item to the US National Archives.
Authorities say Chenâs network stretches across multiple jurisdictions, with assets in Singapore, London, Taiwan, and Palau. Singaporean officials recently confiscated an additional $115 million linked to his organisation, highlighting the growing international scope of the investigation.
