The Taiwan Ministry of the Interior’s Police Administration Criminal Police Bureau has announced the discovery of a gang setting up companies to cover up cross-border money laundering activities totaling 6 billion New Taiwan dollars (approximately 2 billion US dollars).
According to a press release from the Taiwan New Taipei District Prosecutor’s Office, Criminal Police Bureau, and New Taipei City Government Police Bureau’s Criminal Police Brigade, suspects including a 40-year-old man, a 39-year-old woman, two 64-year-old men, two 39-year-old men, a 28-year-old man, a 36-year-old man, a 30-year-old man, a 48-year-old man, a 40-year-old man, a 39-year-old man, a 42-year-old woman, and a 29-year-old man were apprehended on October 13, 14, and November 5 in Taoyuan City.
Evidence seized in the investigation includes 15 mobile phones, 9 luxury watches, 490,000 dollars in cash, 6.8 million dollars in frozen account proceeds, one property, passbooks, ATM cards, and other important evidence.
The case stemmed from the bureau’s analysis of suspicious financial activities of certain companies, leading to the discovery of a large-scale money laundering operation involving a trade company and a market company. Investigations revealed that the companies used accomplices to deposit cash in amounts below 60,000 dollars per transaction at various post office ATMs at night, creating disruptions in the cash flow. Once the amount accumulated to around 500,000 dollars, the funds were transferred to the companies’ accounts via prearranged transfers, subsequently making overseas remittances to launder the funds, with most of the money being sent to offshore company accounts in Thailand, Singapore, and other locations.
Further investigations uncovered that the group, under the guise of a trade company, was actually engaged in transnational money laundering crimes, with the laundering amounting to a staggering 6 billion dollars from 2023 to the present. The operation was headed by the principal of the company with ties to the “Sun Alliance” gang, who recruited accomplices to receive funds from unknown sources. They operated under the cover of the trade company, enforcing strict access controls to facilitate the exchange of cash proceeds.
An investigative team, through analyzing surveillance footage and monitoring money flows, tracked the movements of multiple individuals, identifying key funders. During the investigation into one of the members, it was discovered that cash originated from a physical store named “Cloud Technology” in Banqiao District, New Taipei City, and this was linked to multiple fraud cases.
A joint task force comprising the New Taipei City Police Department’s Criminal Investigation Team and the investigative team immediately arrested the gang leader with ties to the Sun Alliance gang and the female accomplice involved in transferring funds. Subsequently, in early November, nine individuals including the funders and accomplices were apprehended, leading to the seizure of 490,000 dollars in cash, over 6.8 million dollars in company funds, and one property under the name of the gang leader.
The case has been referred to the Taiwan New Taipei District Prosecutor’s Office for investigation, involving charges under the Penal Code for fraud, the Anti-Money Laundering Act, and the Organized Crime Prevention Act.
The Criminal Police Bureau has issued a warning, emphasizing the difficulties in tracing virtual currencies, often used in fraudulent money laundering activities. In recent years, the government has tightened regulations to combat these crimes. Individuals are advised to remain vigilant and avoid engaging in financial transactions or investment schemes of unknown origin to safeguard their financial security. For assistance and to report potential fraud, the public can visit the Anti-Fraud Dashboard at https://165dashboard.tw/ or contact the fraud prevention consultation hotline at 110 or 165.