42 arrested after cheating 400 victims out of NT$570 million｜Taiwan News

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Forty-two suspects have been arrested in a series of simultaneous raids from Keelung to Kaohsiung in connection with a large investment scam ring. The Criminal Investigation Bureau began the investigation in April last year, using big data analytics of cases reported on the 165 Anti-Fraud System platform. Authorities were able to ultimately dismantle the fraud syndicate, and seize a large amount of criminal evidence. Estimates indicate that more than 400 people had fallen victim to the scam, with the total of fraudulent proceeds surpassing NT$570 million. Let’s hear more.

Lee Chien-han
Criminal Investigation Bureau
The task force began in April last year, investigating a suspect surnamed Yu, who was involved in online group-buying scams. We traced the lead up to the Chan brothers, who coordinated the funding. We also arrested suspects who were caught cashing out funds at financial institutions. We seized nearly NT$330,000 in illicit proceeds. Ahead of October, we carried out four more sweeps targeting cash-out scams, in which we arrested 10 cash-out supervisors under the leadership of a suspect surnamed Chen, as well as 30 cash-out handlers. That brings a total of 42 suspects to justice. Following court rulings, 11 people were detained in total. That’s Chen plus 10 key figures in the scam operation.

Thanks to the data from the 165 Anti-Fraud System platform, police were able to uncover how the fake cash-out fraud ring operated. The suspects used fake websites and small “investment profits” to lure victims into giving them money. After the victims were hooked, they then dispatched “cash-out handlers” who used over-the-counter remittances and other methods to transfer funds into designated accounts. That way, they would lead the victims into believing they were earning profits. The victims would be motivated by the gains, which then prompted them to invest even larger sums of money, causing them to fall deeper and deeper into the scam.

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