Taiwanese police, even though tracing the cash movement of a fraud situation, found a crypto cash laundering network with a worth of up to 320 million USDT, or ten.four billion Yuan.
On October 31, 2023, the Taiwanese press reported that the electronic investigation crew of this country’s criminal division had effectively solved a fraud situation linked to the mobile software package firm Taishin Securities. The situation was dealt with by the police final 12 months, and even though monitoring down the victim’s stolen cash, they found that a particular person named Qiu was striving to launder that cash via cryptocurrency.
Taiwanese police have uncovered Taiwan’s greatest cryptocurrency cash laundering situation, involving 320 million USDT. Criminal suspects normally travel to Hong Kong, the Philippines, Malaysia and other locations to talk with area anti-fraud groups and help in cash laundering….
— Wu Blockchain (@WuBlockchain) November 1, 2023
The suspect normally travels to Malaysia, Hong Kong, the Philippines and other Southeast Asian nations. Taking benefit of Qiu’s return to Taiwan, area police arrested this particular person and 4 other linked folks. After checking Qiu’s cell telephone, they observed that this particular person had processed many transactions 320 million US bucks considering that February final 12 months. The conversion worth is equivalent to in excess of ten.four billion yuan.
After withdrawing cash from the unfortunate victim, the scammers utilised numerous accounts to exchange it for cryptocurrency. Then, send this cryptocurrency to Qiu to obtain a refund. And Qiu has traded this cryptocurrency quite a few instances to get “clean money”. Qiu expenses a “service fee” of one% of the transaction worth. Through quite a few of these transfers, the supply of the cash is hidden and the “dirty money” is transformed into “clean money”.
Qiu is regarded to have a “luxurious” way of living, commonly travels abroad and is suspected of currently being utilised for cash laundering and unlawful gambling functions. Upon arrest, the police also confiscated quite a few beneficial assets of this particular person, this kind of as three AP watches really worth in excess of three million yuan and two Lamborghini and Lexus automobiles in Qiu’s title with a industry worth of in excess of 13 million of yuan. There is also income, laptops, debit cards, banned substances,…
Currently, Qiu has paid bail and was permitted to be launched on bail, and can not depart his location of residence. Taiwanese authorities are expanding their investigations to more trace the origin of these cash flows.
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