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14 suspects in cryptocurrency fraud worth $ 5.4 million arrested in Taiwan

Taiwan police arrested fourteen citizens suspected of money laundering, defrauding investors and cryptocurrency fraud for $ 5.41 million.

How
informs Bitcoin.com publication, a Taiwanese businessman named Chen orchestrated a fraudulent cryptocurrency scheme using ETH, TRX and USDT. Chen led Taipei-based investment services and digital asset firm Azure Crypto. Investigators explained that Chen has been promoting cryptocurrency investments on social media and setting up dedicated websites promising high returns to potential investors.

To do this, Chen and his staff used photographs of pretty women to attract men, mostly of retirement age, who were willing to part with their savings. The organizers of the scheme claimed to be working as financial advisors and mining cryptocurrencies. Taiwan police began investigating Chen’s activities after numerous complaints over several months.

In late August, police raided Chen’s office and seized the books. The Bureau of Criminal Investigation of Taiwan (CIB) found out that over the past year, the organizers of the cryptocurrency scam managed to deceive more than 100 people, “pulling” 150 million Taiwanese dollars (about $ 5.41 million) from them. Chen and his accomplices have been charged with fraud, money laundering and violations of the Organized Crime Prevention Act.

Earlier, the Taiwanese police detained suspects in organizing the fraud with the IBCoin token, which brought them several million dollars.

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