By Jason Pan / Employees reporter
Fourteen individuals have been arrested over a cryptocurrency funding rip-off that allegedly defrauded greater than 100 individuals out of about NT$150 million (US$5.41 million) over the previous 12 months, police mentioned on Friday.
The 14 suspects face fees of fraud, cash laundering and breaches of the Organized Crime Prevention Act (組織犯罪防制條例), the Felony Investigation Bureau (CIB) mentioned.
A businessman surnamed Chen (陳) allegedly led the scheme, mentioned CIB investigator Kuo Yu-chih (郭有志), who’s answerable for the case.
Chen promoted cryptocurrency funding on social media and led the Taipei-based Azure Crypto Co, which provided cryptocurrency transactions, in addition to different funding providers, Kuo mentioned.
Chen’s funding schemes centered on the cryptocurrencies ethereum, tronix and tether, Kuo mentioned, including that Chen promised excessive funding earnings by means of the blockchain know-how.
“Chen and his employees arrange Web pages, and allegedly used pictures of fairly ladies to draw primarily male victims, a lot of whom have been in retirement with substantial financial savings,” he mentioned.
The victims have been drawn to the Web pages by the enticing photos and persuaded to take a position by means of interactions they believed to be with the ladies, whereas Chen and his employees offered themselves as monetary advisers specializing in cryptomining, Kuo mentioned.
Investigators confiscated ledgers itemizing greater than 100 individuals caught up within the rip-off, the bureau mentioned.
The one who misplaced probably the most had invested NT$29 million over two months, it mentioned.
Investigators quoted the person as saying that after an preliminary funding, Azure Crypto promised him earnings that prompted him to take a position extra.
After complaints, the bureau monitored the agency’s actions and its on-line transactions over a number of months earlier than conducting raids late final month on the firm’s workplace, and the residences of Chen and his employees.
Feedback might be moderated. Maintain feedback related to the article. Remarks containing abusive and obscene language, private assaults of any sort or promotion might be eliminated and the consumer banned. Ultimate determination might be on the discretion of the Taipei Instances.