Taiwan Indicts Billionaire Accused of Owning Vast Online Gambling Empire

Posted on: March 3, 2021, 03:58h. 

Final up to date on: March 3, 2021, 04:32h.

Taiwanese authorities have indicted the billionaire chairman of Taichung-based firm Xinliwang Worldwide Holdings on costs of unlawful playing and cash laundering.

Chuang Chou-wen
A picture purported to indicate the arrest of Taiwanese billionaire Chuang Chou-wen (entrance heart). (Picture: CNA)

Chuang Chou-wen and 31 of his workers are accused of working an unlimited on-line playing empire. It contains 532 on-line playing websites and 54 on-line playing system suppliers, largely serving gamblers on the Chinese language mainland.

In keeping with the indictment, Chuang’s Xinliwang Group owns a complete of 12 corporations that collectively operated a platform known as “GPK Guess” since 2014. In that point, the operation processed no less than US$4.43 billion in bets, yielding earnings of greater than US$2.13 billion, prosecutors stated.

A lot of the cash was moved by way of a community of 843 dummy accounts in China, whereas underground banks have been used to switch batches of earnings again to Taiwan. Chuang can also be charged with evading practically US$10 million in taxes.

Fugitive Billionaire

When, in August 2020, investigators adopted the cash path to the Xinliwang Group and raided the corporate’s headquarters, Chuang fled.

Appearing on a tipoff, Tawain’s Central Investigation Bureau traced the 50-year-old billionaire to a secure home in Changhua Metropolis, simply to the south of Taichung.

Prosecutors subsequently seized all property discovered underneath Chuang’s title to stop him from liquidating any felony proceeds previous to his trial. These included 41 properties, 13 luxurious automobiles, and US$43 million in New Taiwan {dollars}.

Chuang beforehand gained media consideration in Taiwan for getting a non-public jet, a Gulfstream G650ER, for roughly US$11 million. Understandably thought of a flight threat, he has been detained since his arrest in November 2020.

Royal Titles

On the Xinliwang Group’s web site, Chuang is listed as the corporate’s chairman and CEO, and is described as a “businessman, investor, philanthropist, engineer, and know-how entrepreneur.” He’s additionally a “licensed worldwide funding analyst” with three PhDs.

These investments overseas appear to have paid off. Moreover, the positioning claims he holds the title of “Raja of Ubud Royal Palace in Indonesia,” in addition to “Okhna,” the best honorary title that may be bestowed on a civilian by the King of Cambodia. He’s additionally “Tan Sri,” a title conferred by the King of Malaysia.

Xinliwang Group’s enterprise “primarily focuses on cities with nice growth potential,” based on the web site. “By means of varied funding cooperation alternatives, it develops large-scale actual property tasks together with residential, resort, retail and industrial properties.”

The Xinliwang Group has beforehand launched a press release declaring Chuang’s innocence.

Regardless of their stark political differences, there’s one level that mainland China and Taiwan agree on: playing is strictly prohibited.

Beijing has lately redoubled its efforts to crack down on cross-border playing operators focusing on Chinese language residents. However The China Submit has reported that regulation enforcement businesses from the Individuals’s Republic and Taiwan have been cooperating within the struggle towards unlawful playing since 2013.

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