Taiwan Cracks $324M Crypto Laundering Case
Taiwanese authorities recently uncovered a significant money laundering scheme in Taichung related to cryptocurrencies, marking one of the most substantial cases in the country's history.
The investigation, conducted by the police agency’s criminal bureau, led to the arrest of an individual identified as Chiu, who allegedly orchestrated the laundering of more than 324.2 million USDT. This substantial sum was linked to an investment scam unveiled in October 2022, leading to the arrest of three additional suspects.
According to reports from the local newspaper United Daily News, the fraudulent group behind the scheme directed victims to transfer their assets to fictitious accounts. These illicit funds were then funneled through various channels, ultimately reaching overseas cryptocurrency exchanges or individual traders. Chiu was purportedly involved in converting these cryptocurrencies into cash.
Throughout the investigation, it was revealed that Chiu frequently traveled abroad, hinting at potential connections with foreign fraudulent entities. The arrest of Chiu took place in June at Taoyuan International Airport upon the suspect’s return to Taiwan.
Substantial evidence was confiscated by the authorities, including luxury items like a Lamborghini and a LEXUS LM, three high-end watches, work-related communication devices, and illegal substances.