TAIPEI (TVBS News) — Authorities have intensified their investigation into Prince Group (太子集團) founder Chen Zhi (陳志), who faces allegations of transnational fraud and money laundering. Minister of the Interior Liu Shyh-Fang (劉世芳) revealed on Wednesday (Nov. 5) that Chen's multiple nationalities complicate the probe, as he did not use his Cambodian citizenship upon entering Taiwan.
Minister Liu emphasized that neither international nor Taiwanese fraud activities will evade legal consequences. The ministry is collaborating with U.S. judicial units to advance the investigation. The investigation will focus on money laundering, gambling, and organized crime. Prosecutors and investigators conducted extensive searches on Tuesday (Nov. 4) across 47 locations, including the Taipei 101 building, targeting five companies. They detained 25 individuals, including Chen's confidants, as well as employees and affiliates. Liu said that the authorities is following the cooperation with the U.S. judicial unit due to limited information.
The probe follows the U.S. federal prosecutors' indictment of Chen and others on Oct. 8, which led the U.S. Treasury Department's Office of Foreign Assets Control to sanction nine companies and three nationals linked to the group on Oct. 14. Investigators uncovered that Prince Group laundered NT$4.52766 billion in Taiwan. They seized illicit assets, including real estate, luxury cars, and bank accounts, and interviewed 10 witnesses.