14 suspects behind crypto scam in Taiwan arrested
Fourteen suspects allegedly behind a crypto scam have been arrested in Taiwan. According to the country’s Criminal Investigation Bureau, the scam has cost investors millions of dollars.
14 suspects in crypto investment scam arrested, recall $5.41 million
Taiwan’s Criminal Investigation Bureau (CIB) explains that the alleged criminals have defrauded more than 100 people, appropriating $5.41 million in the past year. The suspects now face charges of fraud, money laundering, and violating the country’s Organized Crime Prevention Act.
Kuo Yu-chih, the CIB investigator in charge of the case, explained that the businessman surnamed Chen is believed to be the mastermind behind this scam. The plan focuses on Ethereum (ETH), Tronix, and Tether (USDT). At the same time, Chen is also the leader of Azure Crypto Co. in Taipei, a company that provides cryptocurrency and other investment services.
The investigator said Chen promoted crypto investments on social media, promising high returns.
“Chen and his staff set up websites and allegedly used photographs of pretty women to attract mainly male victims, many of whom were in retirement with substantial savings,” the investigator said.
Kuo points out that it is the compelling images that draw victims to the elaborately constructed websites. And now, they are persuaded to place investment money through chatting with attractive women. Behind it all, Chen and his staff claim to be financial advisors specializing in cryptocurrency mining.
Investigators seized a ledger containing the details of more than 100 people who invested in the scheme. Before the arrest, police tracked the scam’s activities and online transactions for several months when the complaint was received. The police then raided Chen’s office late last month and went to the residence of Chen and his staff.
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