CryptoNews

Report: Taiwan Police Arrest Crypto Exchange Bosses Accused of Fraud

The police in Taiwan recently arrested two individuals who are accused of deceiving 100 investors into buying fake virtual currencies. The police also apprehended 14 other participants in the fraud scheme and recovered more than $7 million in both cash and virtual currencies.

Worthless Virtual Currencies

Taiwanese police recently arrested two executives of what has been described as one of the region’s largest cryptocurrency exchanges, ACE Exchange. The arrests followed an investigation which concluded that the duo had helped trick 100 individuals into buying “worthless virtual currencies.”

According to a Liberty Times Net report, Lin Nan, one of the executives, used the promise of quick riches to lure unsuspecting people into investing. Lin Nan’s alleged accomplice, Pan Nan, reportedly listed the fake virtual currencies on ACE to boost their credibility. The duo was able to perpetrate the scam for three years before law enforcement agencies caught up.

In addition to arresting the duo, police also apprehended 14 individuals at 15 locations spread across Taipei, New Taipei, and Taichung. A raid on Lin Nan’s residence saw the police recover more than $3.6 million (111.52 million yuan) in cash and virtual currency worth just over $3.4 million. The Taiwanese police estimate the total value losses associated with Lin Nan and Pan Nan’s fraud scheme at over $36 million.

After their interrogations, Lin Nan, Pan Nan, and the 14 other individuals were taken into custody. They are set to be charged under the region’s Criminal Code, the Money Laundering Prevention Act, and the Banking Act.

What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Bitcoin

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