Taiwanese police have arrested 14 people for a $5.41 million investment scam last year. The scam involved more than 100 cryptocurrency investors.
Kuo Yu-Chih, a CIB investigator, said the scam was spearheaded by local businessman Chen, founder of Taipei-based platform Azure Crypto Company, which offers various investment services. including digital currency transactions Investigators explained that Chen and his team had set up a website that used pictures of beautiful women to lure male victims. Many people are close to retirement and have large savings.
According to the Criminal Investigation Agency (CIB), the suspects were charged with fraud, embezzlement and violations of the Crime Prevention Act.