Police in Taiwan Arrest 12 Investment Scam Suspects Involving NT$16 Million

Seven suspects have been charged in Taiwan for alleged investment fraud. Taiwan police are investigating the suspects and five other related individuals.

It is reported that the seven suspects conspired to deceive a female victim by luring her to purchase stocks with about US$490,000.

In May 2024, the woman saw an advertisement on Facebook featuring a “stock investment expert” who was allegedly endorsed by the founder of Taiwan's Star Airlines.

The victim added the expert on the chat App Line and downloaded an investment app, depositing NT$16 million through six face-to-face transactions.

Between June and early July, she found her investment had risen to NT$64 million, and withdrew a profit of NT$2.3 million from it. However, when the victim wanted to withdraw all the profit, she was asked to pay another NT$6 million.

The victim wanted to haggle with the scammer to reduce the fee by half. However, after being alerted by a friend, she realized that the other party might be a scammer and called the police.

Last July, 20-year-old suspect Fang was arrested by police when he met with the victimized woman. Police seized evidence such as fake ID cards, certificates of deposit, contracts and cell phones.

Police also arrested 11 other suspects in connection with the scam between July and November, seven of whom have been charged by prosecutors and the rest are still under investigation.