14 suspects were arrested in Taiwan for allegedly behind a cryptocurrency fraud. According to the country’s criminal investigation department, the system has defrauded investors out of millions of dollars.

Suspects behind crypto scams arrested in Taiwan

The country’s Criminal Investigation Bureau (CIB) stated that crypto scams allegedly defrauded more than 100 people from about NT $ 150 million ($ 5.41 million) in the past year. The suspects are now charged with fraud, money laundering and violating the country’s organized crime prevention law, the Taipei Times reported on Sunday.

Kuo Yu-chih, the CIB investigator in charge of the case, said that a businessman with the surname Chen was the mastermind behind the fraudulent crypto scheme. He added that the scheme focused on Ethereum, Tronix and Tether cryptocurrencies. Chen also ran Taipei-based Azure Crypto Co., which provided cryptocurrency and other investment services.

The investigator stated that Chen promoted crypto investments on social media and promised high revenue. He stated:

Chen and his staff set up websites and allegedly used photos of beautiful women to attract mostly male victims, many of whom were retired with significant savings.

The attractive images led victims to the websites where they were persuaded to invest through interactions with those who believed they were the attractive women, Kuo said. Chen and his staff said they were financial advisors specializing in cryptocurrency mining.

The bureau announced that investigators had confiscated books containing the details of more than 100 people who had invested in the program.

Prior to the arrests, the police, after receiving complaints, monitored the program’s activities and online transactions for several months. The office then raided the company’s office and the homes of Chen and his employees late last month.

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

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