The Bamboo Union Gang's fraud case has been cracked, with 1.18 million Tether coins seized.
The Criminal Investigation Bureau's telecommunications investigation team recently announced the successful resolution of a transnational fraud case led by executives of the Bamboo Union Gang's Hongren Society. The 32-year-old main suspect surnamed Chen is suspected of establishing a fraud zone in Cambodia, defrauding citizens of over 150 million TWD through false investment methods.
According to reports from (United News Network), the police launched three waves of search operations between February and June this year after a year of evidence collection, successfully arresting four high-ranking members of the group, including the main suspect surnamed Chen, and seizing two houses, two plots of land, and 1.18 million Tether coins, with a market value exceeding 100 million TWD.
A total of 220 people were victims in this fraud case, with losses amounting to as much as 150 million TWD. The 1.18 million Tether coins ($USDT) seized by the police are currently valued at about 35.2 million TWD, and they will contact Tether Inc. through the Criminal Investigation Bureau's Technology Center to assist in returning the funds to the victims.
Chen Meihui's cryptocurrency flow report was a major aid in solving the case.
The prosecutor stated to the media that the key to solving this case was the cryptocurrency flow analysis report left by 'blockchain financial crime investigator' Chen Meihui before her death.
Chen Meihui once worked at a cryptocurrency exchange, providing professional cryptocurrency tracking and analysis together with her boyfriend, a detective surnamed Hsieh, to assist the police in tracing the source and expanding the investigation.
(Central News Agency) reports that the Criminal Investigation Bureau's Fraud Prevention Center successfully traced the criminal activities of Chen and others by analyzing 165 anti-fraud system reports combined with the analysis report left by Chen Meihui.
Even though Chen Meihui unfortunately died in a car accident, her professional report continues to be effective and has become an important weapon for the police in solving the case.
Extended reading:
Chen Meihui's car accident investigation concluded! The prosecutor announced three key pieces of evidence that debunk the fake car accident conspiracy theory.
The Bamboo Union Gang's fraud methods are sophisticated, diversifying their operations for money laundering.
According to the prosecutor's investigation, the Bamboo Union Gang's Hongren Society recruited Taiwanese accomplices from March to July last year to establish a fraud zone in the Muk Pai area of Cambodia.
The fraud group mainly used social media Facebook to falsely claim easy money-making job opportunities or investment channels to the public. Once the public was hooked, they were guided to fake investment websites such as 'Marketjkw' and 'TSE ENERGY.'
The fraud group would lure the public into purchasing Tether coins and transferring them to designated cryptocurrency wallet addresses, then layering the illicit funds, using a large number of unhosted e-wallets to conceal the flow of funds.
The main suspect Chen used the large amount of ill-gotten Tether coins in his possession for underground currency exchange in US dollars, reinvesting in the development of electronic wallet management apps, and diversifying operations for profit, even recruiting senior engineers from former international IC design companies to assist in developing blockchain automated trading robots.
Currently, the suspects in this case have all been interrogated by the police and are being transferred to the Taichung District Prosecutor's Office for investigation on charges of aggravated fraud, organized crime prevention regulations, money laundering prevention law, and other crimes. The main suspect surnamed Chen has been detained and forbidden from meeting others by the court.
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This article is compiled from various information by Crypto Agent, reviewed and edited by (Crypto City), and is still in the training stage, which may contain logical deviations or information errors. The content is for reference only and should not be considered as investment advice.
'Chen Meihui's cryptocurrency flow report assists! Police crack down on the Bamboo Union Gang's 150 million fraud, seizing over a million Tether coins.' This article was first published in 'Crypto City.'