Skip to content Skip to footer

$324M USDT money laundering operation busted in Taiwan

During the raid, authorities seized 3 AP watches, a Lamborghini and ketamine from a group of investment fraudsters in Taiwan.

A complex crypto money laundering operation has been busted in Taiwan, an October 31 police statement reveals.

Four suspects have been arrested, including a suspect named ‘Qiu’ who allegedly processed over $324 million in USDT in illicit funds.

Police began investigating the case in 2011, probing into a fake investment fraud group. Red flags were raised when the department observed Qiu frequently traveled overseas, reportedly to establish connections with gambling and fraud syndicates in foreign countries.

During the raid, authorities confiscated 3 luxury AP watches, a Lamborghini, ketamine and a range of phones and laptops.

Key suspect Qiu was arrested at the Taoyuan International Airport after returning from one such trip.

Related: Tornado Cash founders charged by federal prosecutors for knowingly facilitating money laundering schemes

The statement outlines that the fraud group utilised the stolen funds to purchase crypto from overseas exchanges or individual dealers. The crypto was then sold for cash, resulting in substantial profits from the price differences.

The police issued a warning to the public to not trust online investment advertisements that advertise ‘high investment returns’ or ‘main fundraising force’, as they may be scams. It also reinforced its commitment to fighting fraud.

Related: Singapore police raid money laundering ring, seize $735M in crypto

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Leave a comment

Go to Top