Chiayi: Seven people have been indicted for defrauding victims through the messaging app LINE by posing as cryptocurrency dealers, cheating 35 victims out of nearly NT$97.43 million (US$3.17 million), Chiayi prosecutors said Tuesday.

According to Focus Taiwan, an Aug. 14 indictment revealed that a man surnamed Lin set up a “Winnie-the-Pooh Professional Crypto Dealer” account on LINE. Over six months, from February to August last year, he lured 35 people nationwide to invest in Tether. The suspects reportedly signed Tether contracts with the victims, collected their money, and transferred cryptocurrency to the victims’ LINE wallets. They then tricked the victims into moving the funds to other wallets, committing fraud and money laundering, according to the Chiayi District Prosecutors Office.

Among the victims, five were scammed out of more than NT$5 million, and four of them lost more than NT$10 million each. Lin, 37, who runs a tech firm, was introduced to the scheme by a man surnamed Yang as a way to settle a debt. Lin later recruited his staff and family members to participate.

Prosecutors indicted Lin and six others on charges including aggravated fraud. They are seeking prison sentences ranging from three to nine years, noting the suspects’ denial of involvement and lack of remorse. Additionally, prosecutors requested a court order to seize Lin’s houses and four plots of land to secure the recovery of illicit gains.