Prince Group's nine executives all posted bail! The reasons include "taking care of turtles," and the Taipei District Prosecutors Office does not rule out an appeal.

Prince Group Involved in Money Laundering of NT$10.79 Billion, 62 People Indicted, Over NT$5.5 Billion Assets Seized, 9 Senior Executives Released on Bail Sparks Controversy

International Money Laundering Network Exposed in NT$10.7 Billion Scheme

The Taipei District Prosecutors Office officially concluded its investigation on March 4, 2026, into the Prince Group’s money laundering case in Taiwan. This shocking transnational economic crime involved a money laundering amount of up to NT$10.79 billion.

According to prosecutors’ investigation, led by Chen Zhi, the Prince Group established 13 companies in Taiwan since 2016, including “Tianxu International” and “Nier Innovation.” These companies publicly claimed to be engaged in software development but actually rented two floors in Taipei 101 as operational bases, building intricate cash flow systems and underground currency exchange operations. The group controlled 250 offshore companies across 18 countries and 453 domestic and foreign financial accounts, creating false transaction contracts and foreign exchange flows, forming complex overseas fraud and domestic money laundering chains.

The group developed its own “OJBK” cryptocurrency wallet, linking to underground currency exchange operations, laundering criminal proceeds worldwide into Taiwan, used to purchase multiple luxury properties including “Peace Grand Garden,” 33 supercars, and various luxury brands.

This large-scale money laundering operation continued until October 2025, when the U.S. Office of Foreign Assets Control (OFAC) placed the Prince Group on its sanctions list. The Taipei District Prosecutors Office then took proactive steps to investigate. After 140 days of investigation and eight search operations, prosecutors indicted 62 individuals including the mastermind Chen Zhi and 13 corporate entities. Prosecutors sought the maximum penalty of 13 years for Chen Zhi and 20 years for his close associate Li Tian. The total illegal assets seized exceed NT$5.5 billion.

Read more about the “Prince Group” reports
Cambodian Ponzi Empire Collapses! US Seizes NT$15 Billion in Bitcoin, 9 Taiwanese Companies Involved
Prince Group Money Laundering Case: NT$4.5 Billion Seized in Taiwan! Tianxu Assistant Bails Out with NT$150,000, HR Director and Operator Remain in Custody
Over 4 People Remain Detained in Prince Group Money Laundering Case! Elite Parties Exposed, Political and Business Ties Draw Attention
Prince Group Case Concludes! Taipei Prosecutors Seek Maximum Sentence for Chen Zhi, NT$5.5 Billion Luxury Homes and Cars Seized

All Defendants Released on Bail, with Various Quirky Reasons for Freedom

Following the case indictment, the prosecutors transferred nine detained Taiwanese senior executives to the Taipei District Court for bail hearings. After a hearing in the evening, the court issued rulings around 8 p.m., allowing these nine defendants to post bail ranging from NT$300,000 to NT$5 million.

This decision drew widespread social attention. During the hearings, these high-paid executives used various tactics to plead hardship or deny responsibility. The prosecutor, viewing Wang Yutang as the Taiwan operations’ key figure, completely denied any wrongdoing, claiming he was just a salaried worker earning US$10,000 (about NT$300,000) per month, with no income at present, and hoped to be released on NT$1.5 million bail to care for his sick mother. The judge sarcastically asked, “Is the NT$1.5 million in US dollars or NT dollars?” Ultimately, Wang was granted bail with NT$5 million.

Image source: The Reporter
The prosecutor views Wang Yutang as the Taiwan operations’ key figure, who completely denies any wrongdoing.

Other defendants’ defenses similarly created tense courtroom moments. Defendant Chen Wei-zhi, responsible for managing underground currency exchange, claimed he wanted to go home to care for turtles, saying his wife wouldn’t take care of the pets. The judge found this absurd and asked why he was so eager to leave. Chen awkwardly responded he still hoped to return home.

Tianxu HR Director Gu Shuwen blamed senior management Li Tian for illegal game development, claiming she was responsible for administrative logistics and was willing to pay NT$3 million in bail for freedom. Although prosecutors presented evidence that Gu had deleted大量手機對話記錄 and restored her computer to factory settings after the incident, indicating obstruction of justice, the court believed the investigation had concluded and that preserving evidence was less necessary.

Image source: Mirror Weekly
Tianxu HR Director Gu Shuwen

Ultimately, except for Nier’s finance manager Zheng Qiaomei, who could not raise NT$1.5 million and returned to detention, the other eight successfully posted bail and left custody.

• Wang Yutang: NT$5 million, must wear electronic bracelet, restricted from leaving the country or sea, report daily via personal mobile to monitoring center.
• Gu Shuwen: NT$4 million, must wear electronic ankle bracelet, restricted from leaving the country or sea, report twice weekly near residence.
• Li Shouli: NT$1.5 million, electronic bracelet, restricted travel, report twice weekly.
• Lin Yangmao: NT$1.5 million, electronic bracelet, restricted travel, report twice weekly.
• Zheng Qiaomei: NT$1.5 million, electronic bracelet, restricted travel, report twice weekly.
• Chen Lishan: NT$1 million, electronic bracelet, restricted travel, report twice weekly.
• Qiu Zien: NT$500,000, electronic bracelet, restricted travel, report twice weekly.
• Chen Wei-zhi: NT$500,000, electronic bracelet, restricted travel, report twice weekly.
• Wang Junguo: NT$300,000, electronic bracelet, restricted travel, report twice weekly.

Strict Monitoring and Restrictions to Ensure Smooth Legal Process

Although the nine detained defendants were released on bail, the court did not do so unconditionally. To prevent these high-flight-risk defendants from fleeing or interfering with subsequent proceedings, strict supervision measures were implemented.

All released defendants are restricted from residence, travel, and leaving the country or sea for 8 months. Wang Yutang and Gu Shuwen, due to their deeper involvement, are required to wear electronic ankle or wrist devices and report daily via monitored mobile devices. Others like Li Shouli, Lin Yangmao, and Chen Lishan must wear electronic bracelets. Additionally, all defendants must report weekly on Tuesdays and Fridays at their local police stations.

A key condition is the no-contact order. The judge explicitly ordered defendants not to contact or communicate with co-conspirators or witnesses listed in the evidence list, to prevent collusion or tampering. Violations will result in revocation of bail and re-arrest. This combination of electronic monitoring and physical reporting reflects the judiciary’s effort to balance prosecuting illicit gains and safeguarding defendants’ rights. Legal experts note that such bail conditions are quite strict in current practice.

Bail Does Not Equal Acquittal; Taipei Prosecutors May Appeal

Regarding the bail granted to the nine core executives, Taipei prosecutors expressed concerns. They believe that several Chinese nationals involved in the Prince Group have yet to be apprehended, and some defendants have shown clear evidence of deleting communications and restoring computers, posing risks of collusion and evidence destruction. The defendants hold key secrets about the group’s cash flow, crucial for tracking the NT$10.7 billion flow.

The Taipei District Prosecutors Office stated it will carefully review the court’s full ruling and consider whether to appeal to the Taiwan High Court to ensure the fairness of the case.

Bail is merely an alternative to detention under criminal procedure law; it does not imply innocence. Bail requires defendants to deposit a certain amount of money as a guarantee to ensure their appearance at trial. If a defendant flees or hides, the bail will be forfeited and they will be re-arrested.

Therefore, although members of the Prince Group are temporarily out of detention, the criminal proceedings continue. Bail amounts are generally linked to the defendant’s financial capacity, case severity, and flight risk. After entering a new phase of judicial review on March 5, 2026, the subsequent court decisions and verdicts will be key indicators in the fight against money laundering and judicial fairness.