Seven Bitcoin traders indicted in Taiwan for violations of banking act

19 Jan, 2019
by Alberto Arnaldo
Regulation
Seven Bitcoin traders indicted in Taiwan for violations of banking act

According to a report authored by the state-owned news agency of Taiwan, CAN, published yesterday in local media Focus Taiwan, seven people were charged with violations of several banking and business laws.

The group had been arrested on June 13th last year. Since 2016, they had gathered more than $50 million worth of investments from more than 1,000 affected Taiwanese people, as well as investors from Fuzhou, Shanghai and Wuxi.

The head of the alleged fraud scheme seems to be a 47-year-old man who established an office in Taichung’s West District with the objective of attracting both Chinese and Taiwanese investors.

Part of the scheme included false claims of returns as high as 355% over a year of investment time. However, most investors did not receive any returns, which stopped flowing altogether after April 2018.

According to prosecutors, the group of 7 will be indicted with violating Taiwan’s Banking and Multi-level marketing supervision acts after examination of witness testimonies.

Read more: Taiwan police arrests man who steals $3M in electricity used to mine crypto; Stores in Taiwan may be allowed to conduct crypto-to-cash transactions

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Read more about:ChinaBitcoin (BTC)

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