Seized assets from the Chinese-linked "Prince Group" (known as Taizi Group in Chinese), identified as the mastermind behind voice phishing and scam operations, were auctioned in Taiwan, fetching more than 20 billion won.
According to Taiwan's Central News Agency on Monday (local time), the Taipei branch of Taiwan's Ministry of Justice Administrative Enforcement Agency auctioned 33 luxury vehicles and luxury goods including designer bags and sneakers seized from Prince Group at the Taipei Police College. The auction drew 266 bidders.
The auction featured ultra-high-end vehicles known as the "Four Kings of Supercars." The Ferrari LaFerrari, dubbed the "Horse King," sold for 135 million Taiwan dollars (approximately 6.26 billion won). The Porsche 918 Spyder, called the "Frog King," found a new owner at 56 million Taiwan dollars (approximately 2.59 billion won). However, the Bugatti Chiron Sport, known as the "Wild Boar King," failed to sell despite an opening bid of 95 million Taiwan dollars (approximately 4.36 billion won).
Competition continued for other luxury vehicles including Rolls-Royce and Lamborghini models. The auction was so intense that 10 vehicles sold within the first 30 minutes. Of the 33 vehicles, 24 were successfully sold while 9 remained unsold.
The total auction proceeds for all seized assets reached 436.62 million Taiwan dollars (approximately 20.25 billion won). Local media provided detailed coverage including tables showing starting prices and sale results for each vehicle.
The Taipei District Prosecutors Office had been investigating the Cambodia-based Prince Group for international money laundering and telecommunications fraud. Since late last year, authorities conducted eight large-scale raids, dismantling money laundering networks in Taiwan and seizing 34 supercars. Of these, 33 were put up for auction.
Taiwan's Minister of Justice Cheng Ming-chen visited the site and stated, "This auction is not merely a sales procedure but an important milestone demonstrating the government's determination to eradicate fraud." Authorities plan to quickly sell seized assets during the investigation phase to prevent depreciation, with auction proceeds going to the national treasury or being used for future victim restitution.
Chen Zhi (38), founder of Prince Group, was recently extradited to China and awaits trial. Assets suspected of being criminal proceeds remain frozen in Taiwan and other regions. The U.S. Federal Prosecutor's Office in New York has also indicted Chen Zhi and confiscated approximately 127,000 bitcoins in his possession (worth approximately 21 trillion won).