A prominent lawyer and several other suspects have been detained over alleged fraud and money laundering in connection with unlawful profiteering schemes involving cryptocurrency trading platform ACE Exchange.
Prosecutors yesterday questioned attorney Wang Chen-huan (王晨桓), chairman of ACE Exchange and senior partner of Taipei legal firm Chien Yeh Law Offices, who was denied bail and placed in pretrial detention.
Taipei prosecutors estimated the case affected more than 600 people investing in NFTC tokens, bitnature coins and mochange, a token introduced by ACE Exchange.
Photo copied by Hsu Sheng-lun, Taipei Times
Launched by David Pan (潘奕彰) and his business partner, Lin Keng-hong (林耿宏), ACE Exchange has become among Taiwan’s leading cryptocurrency trading platforms registered under Taipei-based ACE Digital Innovations Co.
Pan and Lin ran ads for cryptocurrency investment schemes on social media starting in 2020, to gain the confidence of local investors.
In their promotional talks, the duo talked of building ACE Exchange into Asia’s most complete blockchain ecosystem for cryptocurrency trading, but Taipei prosecutors said that many investors saw the value of their tokens go into a tailspin.
The investors said they could not convert them back to New Taiwan dollars as promised and filed complaints to seek a judicial investigation, believing they had been duped.
Pan and Lin, along with five ACE Exchange employees were questioned and detained by prosecutors last month.
It is estimated the duo reaped illegal revenue of more than NT$1 billion (US$31.9 million) over the past three years, the Taipei District Prosecutors’ Office said.
In the second round of searches this week, Wang, ACE Exchange employee Kao Wei-lun (高偉倫), and Lin’s girlfriend, Lin Shu-fen (林淑芬), were detained on suspicion of assisting in operating the fraudulent scheme and also money laundering.
Investigators seized NT$47 million of cash at Wang’s home, as well as cash and cryptocurrency tokens valued at NT$180 million from the three suspects.
BLACKROCK SCAM
In a separate case, authorities in Taichung conducted raids and detained about 60 people in an investigation into a fraud ring operated by three men, surnamed Yu (余), Cheng (鄭) and Tsai (蔡).
Members of the fraud ring were questioned yesterday by the Criminal Investigation Bureau’s central Taiwan office.
Yu allegedly headed the operation as the main financial backer, and together with Cheng and Tsai made fraudulent claims about being representatives of BlackRock Inc, the US multinational investment company that is among the world’s largest asset managers, and convincing people to invest in various schemes.
Bureau officials said that since 2021, the ring had enticed 81 people to buy stocks and funds, making NT$182 million.
Yu, Cheng and Tsai are facing charges of fraud, money laundering and engaging in organized crime.
BANKING FRAUD
In another investigation by Taipei prosecutors, businessman Wang Meng-po (王孟博) was questioned in connection with banking fraud in which he allegedly made NT$490 million.
Prosecutors said evidence showed that Wang registered shell companies in the Virgin Islands and, with the assistance of a Vietnamese man, produced fraudulent letters of credit to deceive Taishin International Bank and a Vietnamese bank.
Detailed checks found more than 100 transnational trades and money transfers conducted by the shell companies since 2021 were fraudulent, they said.
They forged letters of credit, proforma invoices, bills for the non-existent transport of cargo shipments and other forms of faked receipts to deceive the banks, prosecutors said.
Additional reporting by Chang Jui-chen
Hong Kong singer Eason Chan’s (陳奕迅) concerts in Kaohsiung this weekend have been postponed after he was diagnosed with Covid-19 this morning, the organizer said today. Chan’s “FEAR and DREAMS” concert which was scheduled to be held in the coming three days at the Kaohsiung Arena would be rescheduled to May 29, 30 and 31, while the three shows scheduled over the next weekend, from May 23 to 25, would be held as usual, Universal Music said in a statement. Ticket holders can apply for a full refund or attend the postponed concerts with the same seating, the organizer said. Refund arrangements would
Former president Tsai Ing-wen (蔡英文) on Monday called for greater cooperation between Taiwan, Lithuania and the EU to counter threats to information security, including attacks on undersea cables and other critical infrastructure. In a speech at Vilnius University in the Lithuanian capital, Tsai highlighted recent incidents in which vital undersea cables — essential for cross-border data transmission — were severed in the Taiwan Strait and the Baltic Sea over the past year. Taiwanese authorities suspect Chinese sabotage in the incidents near Taiwan’s waters, while EU leaders have said Russia is the likely culprit behind similar breaches in the Baltic. “Taiwan and our European
Taiwanese indie band Sunset Rollercoaster and South Korean outfit Hyukoh collectively received the most nominations at this year’s Golden Melody Awards, earning a total of seven nods from the jury on Wednesday. The bands collaborated on their 2024 album AAA, which received nominations for best band, best album producer, best album design and best vocal album recording. “Young Man,” a single from the album, earned nominations for song of the year and best music video, while another track, “Antenna,” also received a best music video nomination. Late Hong Kong-American singer Khalil Fong (方大同) was named the jury award winner for his 2024 album
The Taipei District Court sentenced babysitters Liu Tsai-hsuan (劉彩萱) and Liu Jou-lin (劉若琳) to life and 18 years in prison respectively today for causing the death of a one-year-old boy in December 2023. The Taipei District Prosecutors’ Office said that Liu Tsai-hsuan was entrusted with the care of a one-year-old boy, nicknamed Kai Kai (剴剴), in August 2023 by the Child Welfare League Foundation. From Sept. 1 to Dec. 23 that year, she and her sister Liu Jou-lin allegedly committed acts of abuse against the boy, who was rushed to the hospital with severe injuries on Dec. 24, 2023, but did not
RSS