14 cryptocurrency investment scam suspects arrested in Taiwan

[ad_1]

Fourteen suspects suspected of being behind a cryptocurrency scam have been arrested in Taiwan. According to the country’s Criminal Investigation Bureau, the scheme cheated millions of dollars from investors.

Taiwanese crypto scam arrested suspects

The country’s Criminal Investigation Bureau (CIB) has explained that the crypto scam has allegedly defrauded more than 100 people out of around NT $ 150 million ($ 5.41 million) over the past year. The suspects now face charges of fraud, money laundering and violations of the country’s organized crime prevention law, the Taipei Times reported on Sunday.

Kuo Yu-chih, the CIB investigator in charge of the case, explained that a businessman with the surname Chen is the mastermind behind the fraudulent crypto scheme. He added that the program focused on ethereum, tronix and tether cryptocurrencies. Chen also ran Azure Crypto Co., based in Taipei, which offered cryptocurrency and other investment services.

The investigator explained that Chen promotes crypto investments on social media, promising high earnings. He elaborated:

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.

The attractive images drew victims to websites where they were persuaded to invest through interactions they believed to be the attractive women with, Kuo said. Chen and his team claimed to be financial advisers specializing in cryptocurrency mining.

The office revealed that investigators had seized records containing details of more than 100 people who had invested in the scheme.

Prior to the arrests, police monitored the scheme’s activity and online transactions for several months after receiving complaints. The office then conducted raids late last month on the company’s offices and the residences of Chen and his staff.

What do you think of this crypto scam in Taiwan? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.

[ad_2]