Impressive Results Achieved by New Taipei Police Bureau’s Operation “Cutting the Investment”; Arresting Hundreds of Fraud Gang Members and Seizing Nearly Two Billion Virtual Currencies.
According to the New Taipei City Fraud Prevention Office, this year has seen the detection of 15 fraud syndicates and the arrest of 159 members, resulting in a total seizure of 580 million yuan. The related fraudulent methods still revolve around enticing investors to put their money into fake platforms with promises of “100% profit and no loss,” leading victims to believe in the doubling of their profits. It is only when they discover that they cannot withdraw their funds that they realize they have been scammed.
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New Taipei City Criminal Investigation Bureau
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Operation Cut-off successfully seizes over 200 million Taiwanese dollars
15 fraud syndicates and 159 suspects have been busted
Operation Cut-off successfully seizes over 200 million Taiwanese dollars
According to reports from multiple media outlets such as United Daily News and Apple Daily, the New Taipei City Police Department launched a 10-day law enforcement operation called “Operation Cut-off” on January 22nd to demonstrate their determination to combat “fake investments” fraud syndicates.
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This time, the police targeted fraud in “fake investments,” face-to-face transaction drivers, and money laundering establishments as the main focus of their crackdown. In total, they seized 78 million yuan in cash and various virtual currencies worth 180 million yuan.
15 fraud syndicates and 159 suspects have been busted
According to the statistics from the New Taipei City Fraud Prevention Office, 15 fraud syndicates and 159 members have been detected and arrested this year, with a total seizure of 580 million yuan.
It is understood that the related fraudulent methods still rely on techniques such as promising “100% profit and no loss” to lure investors into putting their funds into fake platforms. Victims believe in the doubling of their profits, only to realize the scam when they are unable to withdraw their funds.
The New Taipei City Criminal Investigation Bureau pointed out on Facebook that this operation also resulted in significant achievements in cracking down on fraudulent drivers. A total of 98 drivers who withdraw funds for fraudsters were apprehended, and recent investigations have shown a trend of younger drivers and members, indicating that illegal syndicates are taking advantage of young people and their lack of legal awareness. Therefore, efforts to investigate and target these types of fraudulent crimes will be expanded.
ACE
Operation Cut-off
Virtual currencies
Fraud syndicates
Further reading:
ACE Case Investigation: Fraudster Lin Genghong and model lawyer Wang Chenhuan are the masterminds behind the cryptocurrency scam, Pan Yizhang is the nominee responsible
Joint law enforcement agencies in Taipei: Investigating the illegal fundraising activities of ACE Exchange led by Lin and others, seized funds will be auctioned off.
