Crown Prince Group Accused of Laundering $330 Million in Taiwan, Buying Luxury Apartments

Taiwanese authorities have indicted 62 individuals and 13 companies in connection with a massive cross-border money laundering scheme allegedly orchestrated by the太子 Group (Crown Prince Group). The group is accused of laundering an estimated NT$10.8 billion (approximately US$330 million) in Taiwan, making it one of the largest transnational economic crime cases in recent years.

The scheme involved intricate international corporate networks and underground remittance channels. The太子 Group, which has extensive operations across Southeast Asia, is implicated in cross-border telecom fraud and online gambling. The U.S. Department of Justice had previously indicted founder Chen Chih and sanctioned related Taiwanese companies, seizing US$15 billion in Bitcoin. Chen Chih was arrested in Cambodia in January and extradited to China.

To legitimize its illicit earnings, Chen Chih allegedly directed Singaporean executive Zhang Gangyao and Taiwanese member Wang Yu-tang to establish shell companies in Taiwan in 2016. Wang Yu-tang reportedly managed 13 domestic companies and offshore entities, overseeing a total of 250 offshore companies and 453 financial accounts across 18 countries. The group exploited fictitious transaction contracts and loopholes in foreign exchange declarations to legalize criminal proceeds.

Their sophisticated method involved converting funds from overseas fraud operations into virtual currency, using a proprietary cold wallet system named "OJBK." This system directly linked to underground remittance channels, allowing cash withdrawals in Taiwan, Japan, and Singapore. Once the funds entered Taiwan, they were laundered through layers of underground banking, creating a disconnect between the overseas fraud and domestic legalization efforts, making them difficult for law enforcement to trace.

Significant portions of the laundered money were invested in Taiwan's high-value asset market. Chen's confidants, Li Tian and Singaporean national Chen Xiu Ling, allegedly coordinated the purchase of real estate through eight shell companies. Notably, they acquired 11 residential units and 53 parking spaces in the luxury "Heping Dawon" complex in Taipei, using fabricated transaction contracts and applying for loans from financial institutions to obscure the money flow. Prosecutors are seeking prison sentences ranging from 10 to over 20 years for nine core figures, including Li Tian, who also faces a maximum fine of NT$250 million. Authorities have seized over NT$5 billion in illicit assets, with some already auctioned.