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- Taiwan’s Criminal Bureau’s Electronic Investigation Team arrested four suspects in a 320 million USDT money laundering scam.
- Suspects allegedly often traveled to other Southeast Asian countries to communicate with local fraud groups.
- The police shared that the main suspect used crypto to launder illegal money, set up fake accounts, and used a separate type of digital asset to cover his tracks.
Taiwan’s Criminal Bureau’s Electronic Investigation Team uncovered one of the largest crypto money laundering cases, involving 320 million USDT. The suspects often traveled to other countries to communicate with local fraud and money laundering organizations.
Taiwan police uncovered Taiwan’s largest cryptocurrency money laundering case, involving 320 million USDT. Criminal suspects often travel to Hong Kong, the Philippines, Malaysia and other places to communicate with local fraud groups and assist in money laundering.…— Wu Blockchain (@WuBlockchain) November 1, 2023
The suspects have been arrested now; however, the investigation began last year when the Electronic Investigation team uncovered a fraudulent fake online scam that was linked to Taishin Securities, a financial services company.
According to local media reports, the police arrested Qiu, the alleged mastermind behind the scam, and three others who were involved in the case. Investigations revealed that Qiu had handled 320 million USDT since February 2022, which is equivalent to more than 10.4 billion yuan.
The police shared that the suspects were identified as accomplices in both fraud and money laundering activities. Moreover, Qiu often traveled to Hong Kong, Malaysia, the Philippines, and other Southeast Asian countries and was suspected of having contacts with fraud groups.
Furthermore, Qiu allegedly used cryptocurrencies to launder the money from the scheme. Moreover, Qiu set up fake accounts and used a separate type of digital asset to cover his tracks while traveling. In related news, on October 27, Taiwan proposed a draft crypto act for its first reading. The documents aim at governing cryptocurrency assets successfully. However, Yung-Chang Chiang, one of the lawmakers who co-authored the act, shared that these measures lack enforceability, which would inhibit regulators’ ability to impose penalties.
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