CIB busts fake investment group, bring fraud charges
The China Post news staffTAIPEI, Taiwan -- The Criminal Investigation Bureau (CIB) cracked down an investment group and its ringleader surnamed Zhao (趙) over charges of fraud, the CIB said.
January 9, 2013, 12:09 am TWN
The group had been attracting capital from unsuspecting victims during the period between October and December of 2011, who then fell prey to the promises of high-yield returns for their investment in the booming biotechnology and DNA testing industry, according to a CIB press release.
The victims were taken on a tour of the company's facilities in Macao, where they were convinced to pay investment amounts ranging from NT$189,000 to NT$990,000, the CIB said. The victims then received about two or three dividend payments before the company ceased payments and ceased all contact. Where then the police was alerted.
According to the testimony of victims, investment options were available in increments of US$1,000, US$3,000, and US$6,000, with maturity period of nine months and paying dividends of NT$4,800, NT$72,000, and NT$255,600 respectively. The company also advertised a referral bonus of 8 percent to 13 percent.