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May 29, 2017

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CIB apprehends alleged money-laundering ring using pyramid scheme

The Criminal Investigation Bureau (CIB, 刑事警察局) yesterday busted a con ring allegedly swindling money from local victims via a pyramid sales scheme involving fake financial investment in mainland China. The bureau nabbed three core members of the ring, according to a press statement issued by the CIB.

The CIB was recently tipped off that a cong ring, masterminded by three men surnamed Su, Ma and Shen, respectively, had allegedly swindled tens of millions of New Taiwan dollars from local people by persuading victims to remit money to designated bank accounts in the mainland for financial investment.

After intensive investigation, CIB officers joined forces with the Sanmin police precinct in Kaohsiung to raid the residences of the three major suspects in the southern port city, seizing relevant concrete evidence and finding that there were tens of accomplices involved in the money-swindling pyramid schemes.

Investigation results showed that the con ring leaders allegedly had members invite local victims to visit Nanning City of Guangxi province to study the investment climate there and take courses on how to make financial investment in the city. During the courses, ring members persuaded them to pay 69,800 yuan each to become eligible for joining a phantom financial investment company and asked them to open accounts at the Industrial & Commercial Bank of China (ICBC) to take investment profits.

After the victims made the said entry payment and opened accounts at the ICBC, they were encouraged by the con ring members to solicit more downstream members to join the financial investment project and get a handsome commission as a reward. Such downstream victims were, in turn, asked to follow suit.

The CIB has set up an ad hoc panel to expand probes into the case, and CIB officials urged local people not to be lured away by handsome commissions lest they should eventually suffer losses.

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