Fake Investment Scam Utilizes “Afubao Wallet” for Money Laundering, Illegal Capital Flow Approximately 33 Billion, Prominent Exchange Implicated

Fake Investment Scam Utilizes "Afubao Wallet" for Money Laundering, Illegal Capital Flow Approximately 33 Billion, Prominent Exchange Implicated

Fake Investment Scam Utilizes "Afubao Wallet" for Money Laundering, Illegal Capital Flow Approximately 33 Billion, Prominent Exchange Implicated

According to the report by the Central News Agency, the Criminal Police Brigade of Taichung City Police Department announced on Monday (8th) that they have uncovered a fraud group that used physical cryptocurrency stores to gain the trust of victims and launder money through the “Alfred Wallet System,” involving illegal funds flow of approximately 33 billion New Taiwan Dollars. There were a total of 162 victims, with fraud or money laundering amounts reaching over 340 million New Taiwan Dollars. Ace Exchange was also involved in this case.

Taichung City Criminal Investigation Division held a press conference and stated that fake investment fraud groups introduced victims to physical cryptocurrency stores to make appointments for purchasing cryptocurrency prepaid cards. After the victims purchased and deposited funds into the fake investment platform, they discovered that they were unable to withdraw the funds and were deceived. Police analysis found that the common factor in multiple cases was the use of the “Alfred Wallet System” and “A+CARD.”

The task force has been investigating for over a year, tracing the source through the examination of currency flow, financial data, internet and telecommunications flow, and discovered that the circulation of Alfred Wallet and A+CARD reached 1.1 billion Thai Tether (USDT) in just 2 years (approximately 33 billion New Taiwan Dollars).

Further investigation by the police revealed that the Alfred Wallet System was developed and maintained by Ace Exchange and its subsidiary companies. It was the subsidiary company, Fu Hai Digital Innovation Co., Ltd., that was responsible for recruiting franchise dealers. By utilizing the resources of the upper-level parent company, the legitimate cover was used to facilitate the easy transfer of criminal proceeds in large quantities.

Since June 2023, Taichung City Criminal Investigation Division has conducted seven waves of searches targeting multiple companies, resulting in the arrest of 26 suspects and the detention of 6 accused individuals. They have seized over 7 million New Taiwan Dollars worth of illegal virtual currency and 2 properties under the suspects’ names.

Source:
Central News Agency