Taiwanese Law Enforcers Arrest Money Laundering Syndicate That Takes Advantage Of Cryptocurrencies

The Taiwan Police managed to dismantle the money laundering syndicate. (Photo; Doc. Bitcoin Exchange Guide)

The four people suspected of being involved in money laundering syndicates using crypto assets in Taiwan have been arrested by law enforcement. During the raid, the authorities confiscated more than $21 million worth of crypto assets (Rp 333.39 billion) from the perpetrators.

One of the four arrested perpetrators, identified as Qiu, is suspected of having committed money laundering worth more than $320 million USDT (IDR 5.07 trillion). Qiu is known to travel frequently to Malaysia and other Southeast Asian countries, and has managed to avoid arrests until June 2023.

Qiu carried out a very large money laundering operation using crypto assets. Three other people who were arrested with Qiu were also involved in the same illegal activity.

In addition to crypto assets, law enforcers also managed to confiscate two luxury vehicles, namely LamborghiniURUS and Lexus LM, as well as a number of other valuables such as laptops, credit cards, and three luxury watches at Qiu's residence.

Currently, Qiu and three other people are undergoing investigation at the Taichung District Attorney's Office. Qiu and his gang were charged with money laundering and investment fraud which could be threatened with a maximum prison sentence of 10 years.