According to the New Taipei City Fraud Prevention Office, 15 fraud groups and 159 fraudsters have been investigated and arrested this year, with a total of 580 million NT dollars confiscated. The related fraud methods still involve tactics such as “100% profit, risk-free investment,” which lure investors to put their money into fake platforms. Victims are deceived into believing the profits are real, only to realize they have been scammed when they cannot withdraw their money from the platform.
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New Taipei City Criminal Investigation Division
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Operation Cut-off: Over 200 million NT dollars in seized funds
15 fraud groups and 159 suspects arrested
Operation Cut-off: Over 200 million NT dollars in seized funds
According to reports from various media outlets such as United Daily News and Apple Daily, the New Taipei City Police Bureau launched a 10-day “Operation Cut-off” enforcement campaign starting on January 22nd to combat “fake investment” fraud groups, demonstrating their determination to crack down on such crimes.
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In this operation, the police targeted fraud related to “fake investment,” face-to-face cash handlers, and money laundering operations. In total, they seized 78 million NT dollars in cash and various virtual currencies worth 186 million NT dollars.
15 fraud groups and 159 suspects arrested
According to statistics from the New Taipei City Fraud Prevention Office, 15 fraud groups and 159 fraudsters have been investigated and arrested this year, with a total of 580 million NT dollars confiscated.
It is understood that the fraudulent methods still rely on tactics such as “100% profit, risk-free investment” to lure investors to put their funds into fake platforms. Victims are deceived by the promise of doubling their profits, only to realize they have been scammed when they cannot withdraw their money from the platform.
The New Taipei City Criminal Investigation Division pointed out on Facebook that significant progress has been made in targeting fraudsters. A total of 98 cash handlers have been arrested, and recent investigations have shown a trend towards younger members, indicating that illegal groups are targeting young people and those with limited legal knowledge. Therefore, efforts to investigate and combat such fraud crimes will be expanded.
ACE
Operation Cut-off
Virtual currencies
Fraud groups
Further reading
Investigation of ACE Case: Fraudster Lin Genghong and model lawyer Wang Chenhuan are the masterminds of cryptocurrency fraud, Pan Yizhang is responsible for recruiting people.
Taipei Joint Law Enforcement Unit: Investigating illegal fundraising by ACE Exchange and other investment fraud groups, confiscating funds for auction.