Prosecutors in Taiwan indicted 62 people on Wednesday for their alleged links to the Prince Group, a multinational network accused of running a vast system of cyberscam centers from Cambodia.

The Prince Group has also been accused by the US of being a front for a ⁠multibillion-dollar ⁠online fraud and money laundering operation.

Beijing has called Chen Zhi, the founder of the Prince Group, "the ringleader of a major cross-border gambling and fraud criminal syndicate."

Earlier this year, Chen was arrested and deported to China from Cambodia.

Cambodia has emerged as a hub for cyber crimes that involve luring internet users globally into fake romantic relationships and cryptocurrency investments.

The transnational scam industry emerged in Southeast Asia during the pandemic. Billions of dollars are believed to be generated by the industry annually, using trafficked workers to defraud victims worldwide.

What are the prosecutors in Taiwan alleging?

In a statement, Taipei prosecutors said that Taiwan was one of the locations where Chen had ​funnelled illicit funds via shell companies, buying luxury goods, sports cars ​and real estate.

"This ‌was done to conceal and disguise the source and flow of the criminal proceeds," it said.

In addition to 62 people indicted, including Chen, 13 companies have also been charged with offences that include "initiating, directing, manipulating, and commanding a criminal organization."

The prosecution estimates the group remitted around T$10.8 billion ($339.12 million, €291.98 million) funds into Taiwan from overseas for alleged money-laundering purposes. They are then believed to have bought 24 properties, ​35 vehicles, and held T$55.53 million in other assets such as cash, designer bags, and shoes.

More than T$5.5 billion in assets have been seized in Taiwan, the prosecutors' office ​added.

The Prince Group had denied any wrongdoing, in a statement issued in November via a US law firm.

Edited by: Rana Taha