Police in Taichung are looking to question Chen Feng-ting (陳風廷), a luxury car dealer, after receiving complaints from people alleging that he had defrauded them by a total of NT$2 billion (US$64.9 million) through fraudulent investment schemes.
Chen has reportedly fled with the money and has been missing after a group of 30 creditors last week went to his office in Taichung’s Situn District (西屯) to seize his assets.
Prior to news of his financial troubles, the 25-year-old was known for his love of expensive top-line European cars and was touted to be a successful young entrepreneur who came from a rich family engaged in the construction business.
Media reports at the time said that Chen owns 12 European luxury cars — including a Lamborghini, Mazzanti Evantra, Ferrari, Porsche and Austin Martin — that are estimated to be worth a total of NT$250 million.
The opening of his company, SFC Design, in April last year drew a lot of media coverage. The company offers luxury sports car rentals and dealership, and a mechanic’s shop for auto repair and customization, in addition to a private club and restaurants on its upper floors.
Chen reportedly also headed a group that organizes outings and gatherings for luxury car owners in Taichung, which tie in with his company’s and private club’s business.
In an interview last year, Chen was quoted as saying he is an expert in the business and has been building up his empire, and that his goal was “to become the No. 1 ‘King of Luxury Cars’ in the Asia-Pacific region.”
However, news of Chen piling up debts and not paying back money owed began circulating in the past few months.
The 30 creditors reportedly went to his office to seize his assets after hearing that he had gone into hiding.
Police were called to the office that day to prevent conflict and a fight between the creditors and company staff.
The creditors filed complaints with police and provided information about Chen.
One creditor surnamed Lin (林) said that Chen started out as a dealer of antiques and collectible arts, which attracted investors who poured in millions of New Taiwan dollars, but they never got their money back, as Chen had then started his luxury car dealership business.
Lin said that Chen is very good at self-promotion, painting grandiose schemes and promising high returns.
Lin and some creditors said that Chen had deceived them about his background and that they had found out that his family does not own a construction company and that the luxury cars are owned by someone else.
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