Prosecutors yesterday pressed charges against the founder and executives of SeedIn Technology (旭新科技), alleging that it had conducted illegal financial schemes and contravened the Banking Act (銀行法).
Taiwan-based SeedIn operates a debt financing and crowdfunding platform with branches in Cambodia, Malaysia, the Philippines and Singapore.
Fifteen people associated with the firm, including its founder, a man surnamed Chen (陳), were listed as suspects, prosecutors said.
Photo: Chang Jui-chen, Taipei Times
The company is suspected to have defrauded investors since it was launched in 2014, prosecutors said.
Total investment since its founding is estimated to be NT$7.3 billion (US$228.36 million), they said.
Chen, 46, set up the person-to-business (P2B) investment platform, targeting small and medium-sized enterprises (SME), promising long-term investments for firms, especially those that regular banks do not cater to, said Huang Yu-feng (黃裕?), the Taichung prosecutor in charge of the investigation.
The company’s Web site says it is the largest P2B financial platform in Southeast Asia.
It provides alternative financing solutions, lowering the cost of credit and shortening the fund-processing period, the Web site says.
It promises support through its team members who have expertise in credit risk control, business analysis, corporate finance and information technology, it says.
Chen promised annual return rates of 7 to 12 percent, with monthly payments, Huang said.
“SeedIn Technology rolled out its mobile app for domestic and overseas investors,” Huang said. “The platform has attracted more than 10,000 people from Taiwan and Southeast Asia, matching them with SMEs.”
However, local authorities launched an investigation after complaints were lodged, he said.
Searches were conducted, while a property registered under Chen’s name, deposits in five company bank accounts, 15 luxury brand watches and other assets were confiscated, Huang said.
Business ledgers, transaction records, contracts, mobile phones and computers were also seized, he said.
SeedIn in a statement denied any wrongdoing.
The company and its executives have complied with all financial laws and regulations, and it had no motivation to conduct illegal business activities, the statement said.
“To this day, we have not infringed on the rights of any investors,” it said.
“The allegations were already investigated by New Taipei City prosecutors in 2019, which ended without indictment, so it is regrettable that the decision was made by Taichung prosecutors to press charges again,” it added.
“We expect the justice system will operate with fairness and without bias,” it added.
“SeedIn fully agrees with government initiatives to crack down on financial fraud and since the company was launched, we have operated on even more strict measures than those required by the fintech sector,” it said. “SeedIn’s self-monitoring ensures compliance with the law.”
“We believe in fairness and proper conduct of the justice system, and will provide evidence relating to the case to help clear the charges,” it said.
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