Taiwan police arrest 14 suspects for scamming over 100 crypto investors

Taiwan police arrest 14 suspects for scamming over 100 crypto investors

Taiwan’s police administration has reportedly arrested 14 people for running a $5.41-million (150 million New Taiwan dollars) investment scam over the past year, involving more than 100 cryptocurrency investors.

CIB investigator Kuo Yu-chih said that the scam was led by a local businessman named Chen, who ran the operation on social media platforms. Chen was also reportedly running Azure Crypto Co, a Taipei-based platform that offered various investment services, including cryptocurrency transactions. He explained:

“Chen and his staff set up Web sites, and allegedly used photographs of pretty women to attract mainly male victims, many of whom were in retirement with substantial savings.”

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According to the report shared by Taipei Times, the Criminal Investigation Bureau (CIB) has charged the suspects with fraud, money laundering and breaches of the Organized Crime Prevention Act.

According to Kuo, Chen and his team of scammers promised high returns on cryptocurrencies such as Ether (ETH), Tron (TRX) and Tether (USDT) while presenting themselves as financial advisers specializing in

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