Taiwan police arrest 14 suspects for scamming over 100 crypto investors

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The Taiwan Police Administration has reportedly arrested 14 people for carrying out an investment scam of $ 5.41 million (New Taiwan $ 150 million) over the past year, involving more than 100 investors in cryptocurrency.

CIB investigator Kuo Yu-chih said the scam was led by a local businessman named Chen, who was leading the operation on social media platforms. Chen also reportedly ran Azure Crypto Co, a Taipei-based platform that offered various investment services, including cryptocurrency transactions. He explained:

Chen and his team created websites and reportedly used photographs of pretty women to attract mostly male victims, many of whom were retired with substantial savings.

According to the report shared by Taipei Times, the Criminal Investigation Bureau (CIB) charged the suspects with fraud, money laundering and organized crime prevention offenses.

According to Kuo, Chen and his team of crooks promised high returns on cryptocurrencies such as Ether (ETH), Tron (TRX) and Tether (USDT) while presenting themselves as financial advisers specializing in mining. crypto.

CIB began monitoring the activities of the companies after receiving complaints from one of the victims who had invested nearly $ 1.5 million (over New Taiwan $ 29 million). After several months of investigation, the CIB raided the company’s office as well as the residences of Chen and his associates.

Related: US SEC Issues New Investor Alert Against Crypto Investment Scams

Citing the growing number of scams around the world, the United States Securities and Exchange Commission has issued a new investor scam alert.

The SEC said the main reason for scams and exploits is due to the growing popularity of crypto ecosystems. Acknowledging investor sentiment behind the fear of missing out, the SEC advised investors to weigh the risks and be on the lookout for a possible scam before investing.

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