As per the latest reports, the police administration of Taiwan has taken action against suspects reportedly running a cryptocurrency scam. The Taiwanese police have reported that in their investigation, they have arrested a total of 14 people that it suspects being involved in a cryptocurrency scam.

The authorities have confirmed that the suspects it has arrested were involved in running a cryptocurrency investment scam that had generated $5.41 million. At the time of writing, the particular figure can be translated into 150 million New Taiwan dollars.

According to the police authorities from Taiwan, the scam that the suspects had been running had been operating since 2020. Throughout the span of the scam, over 100 investors from the cryptocurrency industry were scammed by the suspects.

Kuo Yu-chih, the CIB investigator currently overseeing the case has provided more information surrounding cryptocurrency fraud. Yu-chih has revealed that the cryptocurrency scam was being led by Chen who is a local businessman. Yu-chih has also revealed that Chen had been publicizing/advertising about the scam through social medial platforms. He even ran the business through social media channels and different platforms to keep fooling the investors.

Furthermore, Chen was also reportedly running a cryptocurrency platform in Taipei, known as Azure Crypto Co. The Azure Crypto he had operated was responsible for providing investors with several investment operations that include cryptocurrency transactions and other kinds of assets.

Yu-chih also provided details of what they were able to assess from their investigations as to how the scammers were running their business. He revealed that from their investigation they established that the scammers were targeting mainly males.

They lured males who were in their retirement and reportedly had large amounts in the form of savings. They did it by sharing photos of attractive and pretty women with them and run different kinds of websites for this purpose.

Yu-chih revealed that all the staff that Chen had hired to do the business was fully aware of exactly what they were doing. It wasn’t the case of only a few or management-level staff members knowing what was happening, and others were just doing what they were asked to do.

The reports confirm that the Taiwanese police authorities have arrested all the suspects including Chen for running the cryptocurrency scam. In the report, it has been confirmed that all the suspects have been penalized with several charges.

According to the report, the suspects have been charged with Organized Crime Prevention Act breaches, money laundering, and fraud. All of these charges have reportedly been imposed by the Criminal Investigation Bureau (CIB).

Throughout their scamming operation, Chen and his accomplices had stolen funds from investors in the form of Tether, Tron, and Ether.

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