COINOTAG reported on September 25 that the Yunlin District Prosecutor’s Office in Taiwan, China, uncovered an extensive virtual currency fraud network involving more than NT$134 million. Authorities prosecuted 33 individuals, including affiliates of the Mingren Club of the Bamboo Union Gang and two Kaohsiung police officers. Initially, a 30-year-old man named Chen was apprehended in July 2023 on suspicion of engaging in virtual currency fraud. Subsequently, a 28-year-old associated suspect, also named Chen, was detained.
Continued investigations revealed ties to a Kaohsiung police officer, surnamed Chen, who allegedly misused his official position to supply investigative intelligence to the fraud syndicate. Another implicated officer, surnamed Hong, is accused of facilitating the retrieval of personal information and instructing fraud members on evading police scrutiny. Taiwan prosecutors identified the primary suspect as Wu, the orchestrator of the criminal network who supervised dozens of “drivers” to withdraw fraudulent assets and managed over 40 virtual currency wallets for large-scale money laundering and fraud operations.
The authorities conducted over 20 searches, seizing NT$90 million in cash and NT$50 million in virtual currency.