TAIPEI (Taiwan News) — Taiwan’s Criminal Investigation Bureau has targeted an asset management company in Kaohsiung accused of defrauding investors of NT$370 million (US$12 million), the Kaohsiung District Prosecutors Office said Friday.

The investigation began after the prosecutors office received reports of illegal fundraising. On Aug. 4, a task force conducted searches at 17 locations across Kaohsiung, Taichung, and Taipei, according to CNA.

Authorities seized NT$700,000 in cash, multiple imported luxury vehicles, high-end watches, designer handbags, and other assets. Prosecutors also obtained court approval to freeze the company’s bank accounts and seize 14 properties registered under the company or under borrowed names, with a combined estimated value exceeding NT$100 million.

According to prosecutors, the company’s head, surnamed Chin (秦), attracted more than 1,200 investors through presentations and social media posts. Chin claimed the funds would be used for real estate transactions and promised annual returns of 3.5% to 9.5%.

Chin offered promissory notes or real estate collateral to secure investments. Investigators said the company illegally raised NT$870, generating NT$370 million in profits.

Chin and eight employees have been arrested for questioning. Prosecutors said Chin and six executives are suspected of breaking banking laws and committing fraud, while pre-trial detention was approved by the court.