TAIPEI (Taiwan News) — The Criminal Investigation Bureau has detained 31 suspects in connection with a fraud ring involving members of two major Taiwanese organized crime groups and a network based in Cambodia, reports said Tuesday.

A Heavenly Alliance figure surnamed Liu (劉) and a Bamboo Union member surnamed Chen (陳) posed as prominent investment advisers to deceive at least 24 victims, per UDN. Working with accomplices based in Cambodia, the group is believed to have made at least NT$20 million (US$667,000) in illegal profits.

The ring spread false investment information through social media, then had members impersonate advisers offering seemingly valuable opportunities. Victims were guided to install specific apps, which were used to funnel large sums of money through multiple accounts for laundering.

Liu and Chen allegedly dispatched gang members to collect the cash. To avoid suspicion, they carried orders for luxury watches as a cover for why they were transporting large amounts of money.

Investigators began tracking the group in November 2023, with the latest raid conducted last month. Searches at six locations turned up NT$1.33 million in cash, mobile phones, computers, forged documents, bank books, and company seals.

Six suspects were taken into custody. The court released Liu on NT$30,000 bail and allowed Chen to go free. Prosecutors said the case involves charges of money laundering, forgery, fraud, and participation in organized crime.