Taiwan Busts Largest Crypto Money Laundering Case

Taiwan's Monumental Breakthrough

The Taiwanese government has unveiled what is now considered the country's largest money laundering case, worth $320 million, according to a recent report.

The uncovering of this extensive criminal operation began when the Cybercrime Unit initiated an investigation into a fraudulent mobile app associated with Taiwan New Securities. This deceitful app defrauded 19 victims of over 20 million New Taiwan Dollars (NTD). In response, Prosecutor Zhong Zusheng collaborated with the Taichung City Sixth Police Precinct and the Taichung City Criminal Investigation Division's Sixth Team, forming a dedicated task force to track down the culprits behind this scam.

Investigators found numerous layers of fraudulent accounts that pointed to a pivotal figure, 40-year-old Qiu. Qiu operated under the disguise of a water merchant and was at the heart of the money laundering operation. His method involved receiving funds from these fraudulent accounts, converting them into various cryptocurrencies, and liquidating these digital assets for cash.

As a result, Qiu was able to conceal the flow of funds while pocketing a 1% commission. Qiu regularly traveled to Hong Kong, the Philippines, and Malaysia, raising suspicions of offshore gambling and fraud ties.

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The Arrest and Seizure 

The climax of this extensive investigation resulted in the arrest of Qiu on June 13th as he was returning to Taiwan from Taoyuan International Airport. Law enforcement authorities confiscated Qiu's mobile phone and transported him to his residence. They seized a Lamborghini Urus and a Lexus LM, each valued at over 13 million NTD.

Additionally, three luxury watches, each valued at one million NTD, along with 210,000 NTD in cash, laptops, financial cards, bankbooks, and illicit substances, were confiscated as part of the investigation.

A digital forensic analysis of Qiu's cryptocurrency wallet revealed that from mid-February of the previous year until the moment of apprehension, he had managed a staggering 320 million Tether coins, equivalent to more than 1.04 billion NTD at market rates.

A portion of these funds, approximately 7 million NTD, was linked to the illegal proceeds, underlining the vast scale of Qiu's money laundering activities, which marked a new record in the history of the Cybercrime Unit.

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Ongoing Investigations 

As the investigation continues, authorities have arrested three more individuals connected to the case, including a 25-year-old foreign affairs worker named Liao, a 30-year-old water purifier salesman named Chen, and a 31-year-old water purifier technician named Huang.

These suspects now face charges related to fraud and money laundering. Qiu has been released on bail with a deposit of 100,000 NTD, Liao with 20,000 NTD, Chen is under restricted residency, and Huang is held without bail.