Taipei prosecutors on Monday indicted 18 members of a criminal ring affiliated with the Bamboo Union for alleged financial fraud and cryptocurrency schemes affecting more than 200 people.
Among the 18, Liu Chun-yuan (劉峻源), Lin Yu-yun (林郁妘) and Wang Yi-wei (王翊維) were named as core members of the ring, which allegedly made illegal profits of more than NT$770 million (US$25.4 million) in fraud schemes since May last year, prosecutors said.
Wrapping up the investigation, prosecutors said they have sufficient evidence to press charges against the 18 members, who work for Taipei-based Meile Co, on charges of money laundering, financial fraud and engaging in organized crime, requesting the court to impose heavy sentences of imprisonment from 15 to 20 years.
Photo: Liu Ching-hou, Taipei Times
Money transfers and receipts indicated that 221 people wired money to buy into the schemes after being enticed by Meile’s online investment platforms, prosecutors said.
The group deceived people by returning some money to create a false impression of investment profit, thereby luring them into sinking more money into the scheme, prosecutors said.
Investigators said that the Meile members made use of “counter remittance” and other banking services at Chunghwa Post to deceive people, as money transfers could be held up and terminated.
They also took advantage of online payment and e-commerce channels for money laundering, rendering it difficult for authorities to trace the flow of illicit profits, prosecutors said.
The 18 have been linked to an investment fraud ring that had made NT$15.7 billion by the time it was busted in April, which was run by members of the Bamboo Union, prosecutors said.
In other news, Taipei prosecutors pressed charges against five people for alleged stock manipulation offenses contravening the Securities and Exchange Act (證券交易法), according to a statement yesterday.
Prosecutors said that Lee Ming-lang (李明朗), a self-proclaimed expert stock investor, and his girlfriend, Hung Hsiu-hui (洪秀惠), were both listed as owning businesses that engaged in a pump-and-dump scheme to manipulate share prices on the Taiwan Stock Exchange.
Lee and Hung focused on trading shares of two listed companies, New Taipei City-based De Poan Pneumatic Corp and Taipei-based Sino Tactful Co, to garner illicit gains, prosecutors said.
The couple and their business associates bought large amounts of De Poan shares in January last year, allegedly promoting the company to operate the pump-and-dump scheme, quickly raising the share price from NT$21.3 to NT$40.35, after which they sold the shares for a net profit of NT$9.75 million.
They bought Sino Tactful shares in July last year at NT$14.2 per share, which they boosted to NT$29.2 and sold for a profit of NT$44.55 million, prosecutors said.
The five engaged in stock manipulation and illegal actions to bolster the prices and artificially inflate the stock values for profit, they said.
Along with the couple, prosecutors charged three other people: the owners and executives of Tainan-based Taiwan Sustainable Marine Co, including its chairman Tu Feng-ching (杜豐慶) and his wife, who took part in the scheme with Lee and Hung.
UPGRADE: The Kang Ding-class frigate is replacing its Chaparall missiles with Tien Chien II and Hua Yang VLS, which would provide it with long-range, 360° air defense Taiwan plans to produce 1,200 to 1,376 Hai Chien II missiles (海劍二, Sea Sword II) — also known as TC-2N — to serve as the standard air defense system of the navy’s surface combatant fleet, a source said yesterday. Last week, the Hai Chien II, the naval version of the Tien Kung II missile (天劍二, Sky Sword II), completed a live-fire test in waters off the National Chungshan Institute of Science and Technology’s Jiupeng facility (九鵬) in Pingtung County’s Manjhou Township (滿州). The MIM72 Chaparral and other dated air defense missiles that currently arm Taiwanese ships have inadequate range to combat Chinese
REASONS FOR TRAVEL: An assistant professor said that proposed amendments to penalize drivers if they used drugs overseas would not deter people from traveling People who operate a motor vehicle under the influence of marijuana would have their driver’s license revoked, even if they used the substance while overseas, the Ministry of Transportation and Communications said yesterday, citing proposed amendments to the Road Traffic Management and Penalty Act (道路交通管理處罰條例). The amendments would also authorize the government to revoke the licenses of people determined to have used Category 1 or Category 2 narcotics, even if they were not operating a vehicle while under the influence of drugs, as well as ban them from taking the license test for three years, the ministry said. People aged 18 or
HEAVY WEATHER: Typhoon Jangmi is due to crash straight into the Ryukyus as airlines look to shift flights to larger aircraft or cancel flights to Okinawa entirely Taiwan’s international air carriers announced flight adjustments over the weekend as Typhoon Jangmi is forecast to hit the Ryukyu Islands today and tomorrow. The Central Weather Administration (CWA) upgraded Jangmi from a tropical storm to a typhoon at 8am yesterday, with the eye located 580km south of Naha city. It was moving north at 19kph. Today, China Airlines’ CI-120, CI-121, CI-122 and CI-123 flights between Taoyuan and Naha, Okinawa, have been canceled as well as CI-132 and CI-133 between Kaohsiung and Naha. EVA Air’s BR-112, BR-113, BR-186 and BR-185 flights between Taoyuan and Naha are also canceled. Low-cost carrier Tigerair Taiwan canceled IT-230,
Johanne Liou (劉喬安), a Taiwanese woman who shot to unwanted fame during the Sunflower movement protests in 2014, returned to Taiwan last night after being deported from the US. She is to stand trial in Taiwan for charges involving embezzlement, fraud and drug crimes. The Criminal Investigation Bureau (CIB) said it took her into custody at Taiwan Taoyuan International Airport and would first question her before transferring her to the New Taipei District Prosecutors’ Office. She was arrested upon disembarking a flight from San Francisco that landed shortly before 7pm. Liou absconded to the US in 2019 after jumping bail
RSS