CIB Busts Cross-Strait Fraud Ring|誆投資"寶特幣"詐騙兩岸 母子4人檔落網
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Cryptocurrency scams are on the rise as this fraud ring operating across the strait is using the name "Baitcoin", which sounds very much like an alternative to Bitcoin, to prey on investors. Scammers claimed this virtual currency could be used at over 700,000 companies and investors can see their money double in just ONE month. The family-run scam ring has been busted in China and Taiwan and the number of victims is yet to be confirmed .
I can stand here and loudly tell all of you that "Baitcoin" is a sustainable undertaking.
This suspect surnamed Wen made this proclamation at a year-end banquet. He is suspected of running a fraud ring using virtual currency he claimed to have invested. In March, Wen was arrested in China. However, his mother and two younger brothers, who ran the fraud ring with him, fled to Taiwan. On Aug. 20, the Criminal Investigation Bureau busted the fraud ring with simultaneous raids in Taichung, Tainan and Taoyuan.
The mother and two younger brothers of the suspect surnamed Wen fled back to Taiwan. The police gathered information for several months and determined they were from one family, that they were running the fraud ring as a family.
According to the police, a victim surnamed Chen made a complaint in September last year. She invested in "Baitcoin" after the suspects told her she would recoup her investment in just one month. She was defrauded out of NT$7 million. The police investigated, and found Wen established a tech company in Fuzhou in 2016. He claimed to have invented "Baitcoin," a virtual currency with the same functions as Bitcoin, and also organized several large-scale information meetings to attract investment. Many people in China were duped, and the CIB also determined there were eight victims in Taiwan as well.
So far, we have determined that there are eight victims in Taiwan, and one in China. Together, they were defrauded of NT$20 million and RMB 0.97 million.
The police say Wen's mother was in charge of soliciting investment in Taiwan, while his two brothers were in charge of finances and money laundering. They are suspected of fraud and violating banking laws. The CIB is still trying to determine if there are any additional victims.
