Mars Finance News: Changhua police announced on October 10th that they had busted a fraud ring led by a man surnamed Lin. The group used cryptocurrency to defraud victims. Investigations revealed that 68 people were scammed, with a total of approximately NT$100 million (approximately 22 RMB per NT$1). The police stated that Lin and 8 other suspects were sent to the procuratorate on charges of fraud, and two of them were placed under detention and restricted from meeting with anyone.

Zhang Anjin, Deputy Director of the Criminal Investigation Division of Changhua County Police Department, said in a media interview that in September 2023, a man surnamed Zhan went to the police station to report being lured by a netizen into a social platform investment group. He was asked to exchange cash for cryptocurrency and then transfer the cryptocurrency to the wallet address provided by the customer service staff of the investment platform. When Zhan was ready to withdraw the money, he was told that he needed to pay 10% of his profits as "taxes" in order to withdraw the money. The man was defrauded of NT$3.4 million before realizing he had been scammed and reported it to the police.

The police pointed out that when the officers went to the rented accommodation in Taichung City to arrest Lin, Lin went to the roof to destroy evidence and hide cash. Seeing no escape, he could only surrender.

The police said that after investigation, they confirmed that 68 people were victims. They seized proceeds of the crime, including two imported cars, land, cash, deposits, and cryptocurrency. The nine members of the fraud ring were transferred to the Changhua District Prosecutors Office for investigation. Lin and another suspect were placed under detention and restricted from meeting with anyone after a detention order was issued by the court.