Prosecutors indicted 17 people suspected of working for a criminal ring in Yunlin County after investigating alleged cryptocurrency investment fraud and overseas money laundering.
The suspects had allegedly also set up storefronts to provide in-person services as part of the scheme.
A businessman named Chou Fu-ning (周福寧), 54, and his two sons, who are in their 20s, are believed to be the heads of the fraud ring. They allegedly handled more than NT$3.12 billion (US$96.12 million) from about 800 “investors” across Taiwan in 2023, Yunlin County prosecutors said.
Photo courtesy of Yunlin District Prosecutors Office
Due to the large amount of money the suspects allegedly laundered overseas, prosecutors indicted them on charges of aggravated fraud and of contravening the Money Laundering Control Act (洗錢防制法) and requested that the court hand 20-year sentences to the main suspects in the case.
Chou and his sons had allegedly worked with criminal groups engaged in a cryptocurrency exchange and that ran a trading platform to learn how the scheme worked, said Tuan Ko-fang (段可芳), a Yunlin prosecutor investigating the case.
They then involved family members in the crypto business after finding out that it was highly profitable and that laundering money overseas to hide their profits was easy, Tuan added.
Chou set up a dozen “bitcoin stores” across Taiwan in early 2023, hired staff to provide in-person financial services for cryptocurrency — mainly to help people invest and trade cyptocurrencies — and acted as an exchange platform, Tuan said.
After people paid to purchase cryptocurrency, Chou and ring members would transfer the amount to other accounts , which were difficult to trace, as they had collaborated with a man surnamed Yu (游) who ran fake logistics services, Tuan said.
They would wire the money to Yu, who converted it to US dollars and transferred it to an overseas account, Tuan said, adding that it would be seen as “clean money” from legitimate business operations.
Having store fronts with staff enticed people who did not have much cypto trading knowledge, defrauding many people, Tuan said.
“Many people lost huge sums and a total of NT$3.12 billion was laundered overseas. A number of victims said they lost all their money and some lost their retirement savings. Those who were defrauded included students and people with chronic illnesses who used money intended for their medical expenses,” Tuan said.
“Hence, the main suspects are charged with aggravated fraud. A heavy punishment of 20 years in prison is requested, for the severe harm they caused and for depleting the personal savings of people,” Tuan added.
The investigation found that Chou had been running a chain of “ginger duck soup” eateries in central Taiwan, which were associated with his “bitcoin stores.”
Locals later noticed the Chou family was purchasing luxury homes, expensive cars and other ostentatious displays of wealth, prosecutors said.
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