Taiwan police arrest 14 for scamming over 100 crypto investors

Taiwan police arrest 14 for scamming over 100 crypto investors


Police in Taiwan has arrested 14 people suspected of running a $5.41-million (150 million New Taiwan dollars) investment scam in the last one year that involved more than 100 cryptocurrency traders and investors.


Kuo Yu-Chih, Criminal Investigation Bureau (CIB) investigator, informed that the scam was being headed by Chen, a local businessman who operated through social media. Chen is also believed to be heading a Taipei-based business, Azure Crypto Co, through which he offered investment services and cryptocurrency trading.


According to the investigation, Chen and his associates used to set up fake websites and used photographs of pretty women to attract especially male victims. Most of these male victims had substantial savings and had crossed the retirement age. All 14 of them have been charged with money laundering, fraud and breaches of the Organized Crime Prevention Act.


The CBI investigator Kuo has also shared that Chen and his associates promised heavy returns on tokens like Tron (TRX), Ether (ETH) and Tether (USDT) while disguising themselves as financial advisors specialized in crypto mining.


The CIB had started inspecting the firm’s activities following the complaints from one of the victims who had invested about $1.5 million (over 29 million New Taiwan dollars). After several months of monitoring Chen and his team, the CIB raided both the scammers’ residences and the office.

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