Taiwan’s police administration has reportedly arrested 14 folks for operating a $5.41-million (150 million New Taiwan {dollars}) funding rip-off over the previous 12 months, involving greater than 100 cryptocurrency buyers.

CIB investigator Kuo Yu-chih said that the rip-off was led by a neighborhood businessman named Chen, who ran the operation on social media platforms. Chen was additionally reportedly operating Azure Crypto Co, a Taipei-based platform that provided varied funding providers, together with cryptocurrency transactions. He defined:

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“Chen and his employees arrange Web pages, and allegedly used images of fairly ladies to draw primarily male victims, lots of whom had been in retirement with substantial financial savings.”

Based on the report shared by Taipei Occasions, the Felony Investigation Bureau (CIB) has charged the suspects with fraud, cash laundering and breaches of the Organized Crime Prevention Act.

Based on Kuo, Chen and his workforce of scammers promised excessive returns on cryptocurrencies akin to Ether (ETH), Tron (TRX) and Tether (USDT) whereas presenting themselves as monetary advisers specializing in crypto mining.

The CIB began monitoring the agency’s actions after receiving complaints from one of many victims who had invested almost $1.5 million (over 29 million New Taiwan {dollars}). After a number of months of investigation, the CIB raided the corporate workplace in addition to the residences of Chen and his associates.

Associated: US SEC releases fresh investor alert against crypto investment scams

Citing the rising variety of scams the world over, the USA Securities and Alternate Fee published a new investor alert associated to funding scams.

The SEC stated that the primary cause for scams and exploits is because of the crypto ecosystem’s “rising reputation.” Acknowledging buyers’ sentiment behind the worry of lacking out, the SEC has suggested buyers to weigh the dangers and be looking out for a attainable rip-off earlier than investing.