TAIPEI (Taiwan News) — A woman surnamed Li (李) and three other counterfeit currency dealers have been apprehended for their alleged involvement in a cryptocurrency scam.
CNA reported on the scheme, which authorities say involved collusion with a fraud outfit, and tricked victims into purchasing Tether (USDT) cryptocurrency before transferring it into cryptocurrency wallets controlled by fraudsters. Prosecutors have secured court approval for their detention.
Authorities say the fraud initiated by overseas organizations targeted victims through LINE chat groups. After first being encouraged to invest in stocks, victims were persuaded to venture into cryptocurrencies.
Counterfeit currency dealers Li, Hong (洪), Dai (戴), and Zhang (張), allegedly played a key role by facilitating the purchase of Tether (USDT) and teaching victims how to set up cryptocurrency wallets. The group established fake websites and apps to verify transactions and gain victims' trust.
To obscure the source of the funds and evade detection, Li and her accomplices withdrew the victims’ funds and delivered them to the scheme’s mastermind. A law enforcement investigation has identified at least 10 victims, with the largest individual loss exceeding NT$4 million (approximately US$144,000). The total amount defrauded exceeded NT$50 million.
Prosecutor Chen Shu-ling (陳淑玲) led the Keelung District Prosecutors' Office evidence collection efforts, in collaboration with the city's Police Department Criminal Investigation Brigade and Technology Investigation Team. Executing searches on Aug. 29 and Sept. 1, they apprehended Li, Hong, Dai, and Zhang.
Following questioning by the prosecutor, all four suspects admitted to organized crime, fraud, and money laundering. The Keelung District Court then approved the detention of the four suspects.
The local District Prosecutors' Office says it will investigate to ascertain if more victims are involved in the crypto fraud.