ICRT Radio News
Date: 2019-01-19

Seven people who were arrested on June 13 last year for allegedly operating a
fraudulent cryptocurrency investment scheme were officially charged with
violating multiple banking and business related laws.

Prosecutors said that although the Bitcoin investment scheme would have been
in violation of the law even if successful, the scheme in question was also a
fraud that promised investors large-yield returns of up to 355 percent after
a year of investment in the cryptocurrency.

However, prosecutors said that most investors did not see any returns after
February 2018 and returns stopped altogether after April 24 the same year.

According to the indictment filed by Taichung District Prosecutors Office,
among the seven charged, a 47-year-old man surnamed Lin, established an
office in Taichung’s West District to attract investors from Taiwan and
China.

The indictment showed that Lin attracted investment from Fuzhou, Shanghai
and Wuxi cities, as well as Pingtan County in Fujian Province.

Since October 2016, the group has attracted about US$51 million in
investment, the Investigation Bureau under the Ministry of Justice (MJIB)
said in June last year, adding that more than 1,000 people in Taiwan have
been defrauded.    [SOURCE]