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14 Cryptocurrency Investment Scam Suspects Arrested in Taiwan – Bitcoin News
14 suspects allegedly behind a cryptocurrency scam have been arrested in Taiwan. According to the country's criminal investigation department, the scheme defrauded investors of millions of dollars. Suspect behind crypto scam arrested in Taiwan The country's Criminal Investigation Bureau (CIB) said the crypto scam allegedly defrauded more than 100 people of about NT$150 million (US$5.41 million) last year. The suspects now face charges of fraud, money laundering and violating the country's Organized Crime Prevention Law, the Taipei Times reported on Sunday. Kuo Yu-chih, the CIB investigator in charge of the case, explained that a businessman...
14 Cryptocurrency Investment Scam Suspects Arrested in Taiwan – Bitcoin News
14 suspects allegedly behind a cryptocurrency scam have been arrested in Taiwan. According to the country's criminal investigation department, the scheme defrauded investors of millions of dollars.
Suspect behind crypto scam arrested in Taiwan
The country's Criminal Investigation Bureau (CIB) said the crypto scam allegedly defrauded more than 100 people of about NT$150 million (US$5.41 million) last year. The suspects now face charges of fraud, money laundering and violating the country's Organized Crime Prevention Law, the Taipei Times reported on Sunday.
Kuo Yu-chih, the CIB investigator in charge of the case, explained that a businessman surnamed Chen was the mastermind of the fraudulent crypto scheme. He added that the scheme focused on cryptocurrencies Ethereum, Tronix and Tether. Chen also ran Taipei-based Azure Crypto Co., which offered cryptocurrency and other investment services.
The investigator stated that Chen promoted crypto investments on social media and promised high returns. He stated:
Chen and his associates set up websites and allegedly used photos of pretty women to lure mostly male victims, many of whom were retired with significant savings.
The attractive images led victims to the websites where they were persuaded to invest through interactions with what they thought were the attractive women, Kuo said. Chen and his associates said they were financial advisors who specialized in cryptocurrency mining.
The office revealed that investigators had seized books containing the details of more than 100 people who had invested in the scheme.
Before the arrests, police monitored the program's activities and online transactions for several months after receiving complaints. The bureau then conducted raids on the company's office and the homes of Chen and his employees late last month.
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