15 Suspects Arrested For Alleged $8 Million Crypto Scam By Taiwan Police


Taiwan Police based in New Taipei has recently arrested fifteen suspects for alleged operation a cryptocurrency scam, hoodwinking investors of millions of dollars, according to information provided by the outlet Focus Taiwan.

The report states the Criminal Investigation Bureau (CIB) chief, Li Chi-Hsun, spoke during a press conference that the police captured fifteen suspects, these include their alleged leader surnames Lin, during two separately conducted raids, between January 9th and 17th.

Operations

From the reports released to the public by CIB, the criminal’s activity promoted IBCoin, an alt-coin, which is banned from being used in Taiwan. Focus Taiwan states that these fraudsters would indulge in fake publicity of their scheme on various social media platforms, such as Facebook, in order to lure in unsuspecting victims.

Furthermore, Lin was reportedly purchasing IBCoin from his Chinese connections for a price of NT$1.5 per unit during 2017. Afterward, with the help of his operators, Lin sold these coins at rates as high as NT50-NT100, promising very high returns.

CIB has stated that none of the victims has seen any gains on their investments whatsoever, saying that, “there are currently no known companies that trade or deal in IBCoins.”

The scammers have been reportedly charged with fraud, with the case being handed over to the Taipei District Prosecutors Officer. The group has been stated to have amassed an estimated amount of NT250 ( US $8.13 million) in worth by scamming over 30 people in Taiwan, according to CIB.

CIB has also stated that they have seized over NT 2.02 million worth in cash, along with three cars and written guidelines on fraudulent procedures when conducting the raid.


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Keith Wang

Keith Wang is a writer and programmer specializing in bitcoin and blockchain technology. Keith has been a long time believer of bitcoin and blockchain technology and spends his free time following up with blockchain news. You can contact Keith at keith@cryptomenow.com

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