8 arrested suspected of NT$1.5 billion Bitcoin fraud in Northern Taiwan

It is believed over 1,000 people have been scammed through the crypto-currency scheme

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(Flickr user: Antana)

(Flickr user: Antana)

TAIPEI (Taiwan News) – Eight people were arrested in Taipei and Taichung on June 13, on suspicion of a fraud amassing NT$1.5 billion (US$49.5 million) said the Ministry of Justice's Investigation Bureau (MJIB) yesterday.

The alleged fraud was a Bitcoin investment scheme, which promised investors high yields, but gave little in return, reported CNA.

The leaders of the group had established the Taiwan office of the International Reserve System, a notorious Bitcoin investment group with offices in Africa, Asia and the Middle East.

It is believed that over 1,000 people have been scammed on the promise of high yields of up to 355 percent.

Investors however, have not been paid out since March 2018.

The CIB said that the investment scheme was uncovered by authorities after an anonymous tip-off.

Raids on premises used by the conspiracy have occurred with documents seized and 28 bank accounts associated with the group frozen.

The group of eight was taken to the Taichung District Prosecutors Office on Friday for questioning.

All of the accused were released on bail shortly thereafter and an investigation is ongoing.