Nine prosecuted over suspected NT$1.7 billion, three-year scam
The China Post news staffTAIPEI, Taiwan -- The Taipei District Prosecutors Office yesterday prosecuted nine suspected members of a fraud ring, which has allegedly defrauded victims out of more than NT$1.7 billion over the course of three years.
February 27, 2013, 12:08 am TWN
The nine were charged with fraud and violation of the Banking Act (銀行法),while two suspected ringleaders, surnamed Tien (田) and Yang (楊), were placed in custody, according to the prosecutors.
An estimated NT$26 million in illegal profit and two vehicles were seized by the police. The vehicles were auctioned off for NT$1.85 million and NT$940,00, with the proceeds set to be deposited in the treasury.
The prosecutors indicated that due to the staggering amount of illegal profits that remains undiscovered, the two ringleaders will be prosecuted to the furthest extant of the law, and will be held in custody until the completion of sentencing.
The fraud ring had been under investigation since October 2009 and had accumulated over NT$1.7 billion from over 1,155 victims over the past three years, according to the prosecutors.
For three years the fraud ring had taken advantage of the low interest rates pervading the markets to set up bogus investment schemes to attract victims hoping for higher returns, said the prosecutors.
The prosecutors also indicated that Tien had come in to confess on his own, in hopes of letting his coconspirators take the blame and shirk legal consequences; Tien's ruse was not successful, they said.