15 Suspects Arrested In Illegal Ponzi Scam Case In Taiwan.

15 Suspects Arrested In Illegal Ponzi Scam Case In Taiwan.

2019-01-28 | Selina Mathew

15 Suspects Arrested In Illegal Ponzi Scam Case In Taiwan.

In line with a recent news 'published' by native media Focus Taiwan, Taiwan police in New Taipei, have arrested 15 suspects for illicitly running a cryptocurrency scam that attained them million of bucks.

In line with the article, the head of the CIB [Criminal Investigation Bureau] named ‘Li Chi-hsun’ stated at an official press-release that the fifteen suspects — along with the alleged leader surnamed Lin - have been in two separate raids dispensed on 9th and 17th January.

The arrested suspects are reportedly charged with 'fraud', and the case has been transferred over to the Taipei District Prosecutors office. The cluster allegedly defrauded over thirty individuals within the country of nearly equivalent to $8.16 Mln.

The suspects 'reportedly' promoted IBCoin, which is an Ethereum [ETH] based ERC20 token reaching to be a means of payment for the adult industry, in line with its promotional subjects. The alleged fraudsters reportedly conjointly publicized the scheme on Facebook, posting photos of high-priced cars and rich lifestyles to lure in new victims, local media reports.

The article explains that in line with CIB, Lin purchased the tokens at a value of $0.05 USD per unit in 2017. Lin then allegedly asked his collaborators to sell the tokens at around $1.63 USD to $3.27 USD per unit, while assuring high returns on investments.

As per the report, the CIB aforementioned that no victim has ever seen any returns on their investments and the token has no real price since “there are presently not recognised by any corporations that trade or deal in IBCoins.”

As reported earlier, seven individuals that allegedly managed an illicit crypto investment scheme are indicted in Taiwan. In line with a report, citing native prosecutors, the defendants were charged with the violation of Taiwan's Banking and MLM [Multi-Level Marketing] Supervision acts.

Even earlier this month, Indian police 'arrested' an associate of a group of suspects conducting a crypto scam of around $70.5 Mln.

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