According to Hong Kong 01 reporters' ongoing investigation into the transnational criminal empire of Chen Zhi, the mastermind behind the Cambodian Prince Group, more criminal activities have been exposed. Surprisingly, this figure suspected of controlling a vast illicit financial empire has been double-crossed in both Taiwan and Singapore. Among the most notable cases is Teo Kang Yeow Cliff, a Singaporean executive who previously managed Prince Real Estate Investment in Taiwan. This partner, whose position was almost equivalent to Chen Zhi's, is accused of embezzling company funds, misappropriating a total of NT$900 million (approximately HK$226 million). He is now wanted by Taiwanese prosecutors and his whereabouts are unknown.
Chang Kang-yao was in charge of the overseas gambling website Da Niu Technology in Taiwan as early as 2019. Although all the executives of Da Niu Technology were sentenced, Chang Kang-yao, as the person in charge, was not prosecuted by the Taiwanese prosecutors and was free to come and go. It was not until the end of this year, when the Chen Chih and Prince Group case was exposed, that it was discovered that he had been active in Taiwan for many years and was involved in multiple cases.
Even more outrageous is that when Chang Kang-yao was wanted in Taiwan because of the Chen Chih case, he was still able to give an interview to the British "The Times" and insist that he was a scapegoat. He revealed inside details of working with Chen Chih and pointed the finger at the internal struggles of the group's senior management. Chen Chih's lawyer also insisted in New York that Chen Chih was innocent, as if the victims of fraud cases in Taiwan and around the world did not exist.
Singaporean executive embezzles NT$900 million, wanted in Taiwan: alleged connections to organized crime and financial activities.
According to Hong Kong 01 News, Chang Kang-yao is not only accused of embezzling huge sums of money from Prince Group's Taiwanese company, but also of having financial dealings with the Taiwanese triad "Four Seas Gang," allegedly assisting in the operation of fake gambling platforms to cover up money laundering. Taiwanese prosecutors pointed out that these platforms operated on overseas servers, with funds transferred through local payment companies. Some of the funds are suspected to have been facilitated by Chang Kang-yao, ultimately flowing into the triad's influence. As Prince Group's involvement in a massive fraud park in Cambodia is revealed, financial flows from Taiwan are gradually emerging.
Another senior Singaporean official was also implicated; the head of the family office embezzled HK$35 million.
An investigation by Hong Kong 01 also revealed that an internal embezzlement case had broken out within Chen Zhi's close financial circle in Singapore. Wong Wai Kay David, head of the Singapore family office, is accused of embezzling S$5.84 million (approximately HK$35 million) in public funds and has been prosecuted.
The simultaneous downfall of two Singaporean executives in two different jurisdictions raises the question of whether this reflects long-standing mismanagement of illicit funds within the group. While the outside world remains to be seen, judicial records indicate a high degree of opacity in the Prince Group's financial flows, suggesting that internal power struggles and conflicts of interest are no secret.
A summary of Zhang Gangyao's activities in Taiwan
2019: Debuting as an "Investment Ambassador"
In 2019, Chang Kang-yao established "Taiwan Prince Real Estate Investment Co., Ltd." in Taiwan and gave media interviews as the head of the Prince Group in Taiwan. At the time, he emphasized his optimism about the Taiwan market and hoped to introduce Cambodian commercial, residential, and leisure resort projects to Taiwan. He claimed a return on investment of up to 6% and low entry barriers, attracting many investors to inquire. Looking back at the interview now, many details resemble typical tactics used by a fraudulent group.
Around 2019: Formerly the head of DaNiu Technology's overseas gambling website; Taiwanese prosecutors "declined prosecution".
Investigations revealed that Chang Kang-yao had also served as the registered person in charge of Da Niu Technology . The company was previously found by Taiwanese police to have assisted in the operation of overseas gambling websites. Although Chang Kang-yao, as the person in charge, was ultimately not prosecuted by Taiwanese prosecutors, four other company executives were sentenced, and Da Niu Technology's registration was revoked by the relevant authorities.
2020–2021: Beginning of misappropriation of funds
Subsequent court documents and internal audits revealed that he allegedly transferred funds from multiple Prince Group companies in Taiwan to private accounts or overseas receivable accounts through Yuanta Bank accounts. The total amount misappropriated amounted to tens of millions of US dollars and New Taiwan dollars, equivalent to approximately NT$900 million.
August 2023: Four Taiwanese companies filed a lawsuit against Chang Kang-yao.
Four companies, namely Cheng Shuo, Mai Yu, Rui Du, and Bo Ju, claimed they were double-crossed by Chang Kang- yao and filed civil and criminal lawsuits with the Taipei District Court. The court ruled that Chang Kang-yao and another defendant, Lim Tai Rong, a Singaporean national, should jointly pay approximately NT$900 million in damages. (Source: Tai Pao, November 6, 2025)
October 22–23, 2025: Taiwan prosecutors formally issue arrest warrant.
With the exposure of fund flows, company documents, and remittance records, the Taiwan Prosecutor's Office has identified two Singaporean executives in Taiwan as guilty of embezzlement, money laundering, and breach of trust, and has formally issued arrest warrants.
November 2025: Zhang Gangyao was accused of being the mastermind behind a "double-cross" scheme.
Taiwanese prosecutors have expanded their investigation into the Prince Group's fraudulent industrial park in Cambodia, resulting in the arrest of several individuals in Taiwan and the seizure of luxury homes, sports cars, bank accounts, and company assets. Chang Kang-yao, who has already left the country, is listed as an internationally wanted criminal. According to multiple media reports, Chang Kang-yao appears to be more than just a victim; he is a key figure in a alleged "double-cross" within the Prince Group, suspected of exploiting company financial loopholes to embezzle billions of dollars before attempting to abscond with the group. It's even possible that this was a staged double-cross for money laundering.
Zhang Gangyao maintains his innocence in an interview with The Times of London.
In an interview with The Times, Chang Kang-yao insisted that he did not embezzle company funds, instead accusing Chen Chih and his staff of controlling all cash flow, claiming he was merely managing it on their behalf. He mentioned that Chen Chih acted autocratically and adopted an extremely high-pressure approach to internal management, making many senior executives afraid to question him. Although his claims contradict the evidence held by Taiwanese law enforcement, it seems that a long-standing and bloody power struggle existed within the Prince Group.
If the group's top executives have indeed repeatedly accused each other of embezzlement and double-crossing, it means their financial control is extremely lax, and they may even be essentially a criminal organization rather than a normal company. Ironically, the lawyers representing "Prince Group" and Chen Zhi are also protesting their innocence in the United States, as if no one is a victim of this fraud ring, and that the fraud group can even transform from perpetrators to victims. How can the innocent people who have been swindled out of their fortunes bear this?
This article, titled "Chen Zhi's Partner and Manager of Prince Realty in Taiwan, Chang Kang-yao, Protests His Innocence During an Interview with The Times in the UK," first appeared on ABMedia .
