At least 30 people were tricked into buying fraudulent company shares as part of a scheme that netted the alleged swindler more than NT$100 million (US$3.3 million) before he apparently fled the country, Democratic Progressive Party Taipei City Councilor Ho Chih-wei (何志偉) told a news conference yesterday.
Ho identified the alleged swindler as Wu Chi-hao (吳智豪), chairman of Sum Shuo Industrial Co (日碩實業).
Wu claimed to be the chairperson of Chong Wai Medical Instruments Co (中外儀器) — a decades-old surgical and medical instrument manufacturer, Ho said.
According to Ho, Wu told people that Sum Shuo and Chong Wai were going to merge and would become a listed company under the guidance of Jih Sun Securities Co (日盛證券), encouraging them to buy unlisted shares from him so they would profit once the merged firm was listed on the stock market.
The city councilor said he had received reports that at least 30 people had bought such shares from Wu, but they were no longer able to contact him.
The alleged fraud disgraced Taiwan, Ho said as he held up a sign with characters for “national disgrace” written on it.
“Many of my friends and relatives invested in the new company, but found out that they have been deceived, and now Wu has left the country,” a woman who declined to be identified told reporters.
Her friends and relatives signed a contract with Wu in February to buy unquoted shares for NT$12 per share, on the promise that the company would buy back the shares at NT$20 per share in a few months, the woman said.
They sent Wu money to buy the shares in June and July, but received nothing in return, she said.
A man said he had attended a public information session held by Wu that drew more than 200 people and later borrowed money from friends, relatives and a finance company so he could invest about NT$30 million with Wu, but now Wu has disappeared and he has been left with major debts.
Chang Wen-feng (張文峰), head of the Economic Crime Section of the Taipei City Police Department’s Criminal Investigation Division, said a prosecutor is investigating the case, so police cannot comment on it.
However, he urged other possible victims to report their cases to the police.
The number of reported fraud cases in Taipei has been growing, from 3,173 cases in 2014 to 4,397 cases last year, Chang said.
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