8 Suspects Arrested of US$49.5 Million Bitcoin Fraud in Northern Taiwan

8 Suspects Arrested of US$49.5 Million Bitcoin Fraud in Northern Taiwan

The Ministry of Justice’s Investigation Bureau revealed that eight suspected people were detained on June 13 in Taichung and Taipei of a fraudulent deal amounting NT$1.5 billion (US$49.5 million), according to Phucket news and Taiwan news
The purported fraud was a Bitcoin investment scheme that promised many investors bullish yields but gave them peanuts in return.

More than 1,000 people have been con gamed on the halsen of bullish yields of near to 355 percent. Nevertheless, all investors since March last year have not been settled out.
Ye Chih-chuan, the Criminal Investigation Bureau (CIB) official noted that Bitcoin investment scheme was revealed by local authorities after an unidentified tipoff.
Numerous attacks on the premises used by the have taken place with investment documents, bankbooks deliberately taken hold of, and almost 28 bank accounts alleged to have associated with the group were frozen.
On Friday, the eight suspects were taken to Taichung Prosecutors office for further investigation.
One man among eight was identified as Lin and it is said that he was one of the two group leaders that created an International reserve System (IRS) office in August last year in Taiwan.
However, all the accused people were later released on court bail shortly after that and a proper investigation is still going on.