Business tycoon Chen Kuan-hsiang (陳官享), chairman of the DaMu Group (大目集團), has fled to China after allegedly defrauding investors of an estimated NT$1.6 billion (US$47.3 million), as judicial authorities yesterday initiated a criminal investigation and took statements from people affected.
A number of people gathered in Taipei to form a self-help association and file a lawsuit in an attempt to recoup their money, then headed to the Criminal Investigation Bureau to call for criminal charges against Chen.
Critics said that Chen is the latest business tycoon to have allegedly fleeced investors and then flee to China, leaving many creditors saddled with debt, and the unending fraud is clear evidence of the government’s impotence through negligence and ineptitude on the part of judicial and law enforcement authorities.
DaMu asked people to invest in various enterprises three years ago, when Chen launched a promotional drive for listing on the stock exchange with offers of initial shares, touting the company’s advanced technology in display devices and intelligent lighting products.
Chen’s publicity campaign enticed people to invest in DaMu’s enterprises, which operated in the fields of telecommunications, Internet services, upscale Taiwanese tea franchises, food products and international trade.
Chen and his wife reportedly befriended members of high society, with investors mostly comprised of business executives, political figures, law enforcement officials and celebrities, as well as educators.
One investor said in a statement to the bureau that Chen and his wife liked to flaunt their wealth, living extravagantly and showing off 14 expensive imported cars from brands such as Rolls-Royce, Bentley and BMW, which they purportedly paid for with cash.
Central Police University professor Kuo Kuang-yang (郭廣洋) told investigators that Chen had defrauded him of more than NT$370 million, adding that he would lead the association in filing a lawsuit and requesting that the government extradite Chen back to Taiwan.
“I invested in his company and even joined as a consultant, because Chen had shown off cutting-edge technology. He said the company had a research and development department and owned several technology patents,” Kuo said.
“Over the past year, I invested even more money, because Chen told investors that he needed more capital for the company’s operations… Chen deceived me and other investors by taking advantage of people’s kindness and willingness to help his business,” Kuo added.
Investors suspected fraud after Chen and his wife could not be contacted, Kuo said, adding that DaMu’s head office had closed and was apparently facing bankruptcy.
They later discovered that the company’s bank accounts had been closed, as the couple had taken all the money and fled to China earlier in the week, he added.
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