26 arrested in nationwide anti-fraud investigation

Taipei/Taichung, Sept. 5 (CNA) Police on Thursday said they have made 26 arrests following a year-long investigation into a nationwide criminal group responsible for defrauding victims out of around NT$100 million (US$3.12 million).

The National Police Agency's Criminal Investigation Bureau said on Thursday that the fraud ring had posed as "fake well-known securities analysts" and "fake financial show hosts" to trick their victims into transferring funds.

Sixty-eight victims were identified, with financial losses ranging from NT$20,000 to NT$4 million per person.

A special task force was formed in August 2023 after reports of a fake investment scam surfaced.

In the following months, investigators analyzed financial transactions and discovered that illicit funds were being laundered through cryptocurrency exchanges, the bureau said.

Police conducted raids in the cities of Taichung and Chiayi as well as in Miaoli, Pingtung and Taitung counties between August 2023 and June 2024.

Computers, bank passbooks and financial records were taken as evidence and over NT$4.15 million in criminal funds were confiscated, the bureau said.

The 26 suspects, among them a man surnamed Yang (楊) and a man surnamed Tu (杜), face prosecution for violations of the Criminal Code, the Money Laundering Control Act and the Organized Crime Prevention Act.