Members of Tian Dao Alliance and Mei Ying Club set up physical stores for fraud: 40 people cheated of 60 million yuan in the name of “Investing in Tether will make money”
Zheng, a member of the Tian Dao Meng Mei Ying Hui, is suspected of money laundering activities using virtual currency trading in Taipei. They set up a virtual currency trading store and used social media platforms such as Facebook and Instagram to post attractive advertisements for Tether (USDT) investments, luring investors to join Line groups and download specific investment applications. They then deceived victims into buying coins with cash at the physical store.
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“Can you make money by investing in Tether?” Visible but not accessible
Police find only knives and guns when breaking into the door
The temptation of getting rich drives victims to let down their guard against fake apps and physical stores
This scam uses the name of Tether (USDT) to attract victims on social platforms. After entering the group, fake investment teachers persuade victims to buy USDT for profit. Victims need to go to the physical store to pay cash for the coins and will see the so-called Tether deposited in the hot wallet of the application, continuously increasing. However, when they try to withdraw funds, they find that they cannot operate. Police investigations show that since September last year, a total of 40 people have been deceived, and the losses have reached 64.7 million New Taiwan dollars, with the highest being a retired insurance agent in his sixties, who was cheated out of 20 million New Taiwan dollars.
On January 23, the police carried out an operation, raiding the virtual currency trading store and arresting ten suspects, including Zheng. During the search, the police unexpectedly encountered a 28-year-old man named Ye, who was carrying a bag with 1.16 million New Taiwan dollars in cash, heading to a stronghold, showing that the flow of funds in the fraud group was extremely complex. In addition, the police found various weapons and gang paintings symbolizing the Mei Ying Hui in the stronghold.
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Many victims were tempted by the promise of high profits, seeing the amount in their fake wallet continuously increase, and their guard was lowered due to the existence of physical stores. Currently, the police have arrested and prosecuted the persons involved, but for those who have suffered significant financial losses, this is undoubtedly too little, too late.
Before engaging in investments such as virtual currency, thorough investigation and verification must be conducted to avoid falling into well-designed fraud traps. With the booming development of the virtual currency market, related fraudulent activities are becoming increasingly rampant. Investors should be more vigilant and carefully select investment channels.
In addition, the Financial Supervisory Commission (FSC) currently requires OTC physical store operators to pass anti-money laundering declarations, and non-compliant operators are considered illegal.
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Prosecutors require the inclusion of individual currency dealers! FSC response: Non-compliant operators are illegal
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FSC Chairman Huang Tien-mu reveals the 2024 Financial Technology Promotion Plan, without mentioning blockchain applications
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Tian Dao Meng Mei Ying Hui
Tether
Further reading
United Nations: Tether (USDT) is the main payment method for money laundering and fraud in Southeast Asia
11 members of the USDT scam group receive “Rules of Engagement” for dealing with trials, will the judge release them without bail?
