Taipei, Seventeen suspects have been arrested for creating an investment scam that took millions of dollars from unsuspecting would-be investors, the Criminal Investigation Bureau (CIB) said on Monday.
Liao Shui-chih (廖水池), chief of the CIB’s 1st Investigation Corps, said at a press conference that police nabbed the suspects, including the ringleader surnamed Chiang (江), in separate raids carried out from Oct. 6-14 in Taipei, New Taipei, Taichung and Yilan County.
The group running the scam allegedly defrauded some 100 people in Taiwan, amassing nearly NT$100 million (US$3.48 million) in illicit gains since 2018 through an investment scheme involving cryptocurrency and precious metals, the CIB said.
Through a Facebook page that Liao created, his members would pretend to show off their earnings, posting stories of their lavish lifestyles in order to lure people into their business ventures, while promising customers that they would earn 6 percent-10 percent returns every month, investigators said.
The case was first brought to the attention of the authorities in February when a woman reported that she had been defrauded of NT$3 million since 2018, Liao said.
None of the victims reported having ever seen any returns, the CIB said.
During the raids, law enforcement officers also seized laptops and written guidelines on the fraud procedure.
The case has now been handed over to the Taipei District Prosecutors Office for further investigation.
Source: Focus Taiwan News Channel