Taiwan’s law enforcement authorities have dismantled what appears to be the largest crypto-related money laundering ring in the country. A staggering amount of 324.2 million USDT was seized in the operation, which was headquartered in Taichung.
Taiwan Police Uncover 324.2 Million USDT Money Laundering Attempt
The police department’s Criminal Investigation Bureau announced in June that a suspect identified by the surname Chiu was captured.
Chiu is accused of orchestrating a complex scheme to launder 324.2 million USDT, which was linked to an investment fraud case uncovered in October 2022. Besides Chiu, three more people were detained.
According to police investigation, the scam group forced victims to transfer their funds to fake accounts. These ill-gotten gains were then transferred to crypto exchanges or individual crypto investors abroad.
As reported by local newspaper United Daily News, Chiu also allegedly converted these cryptocurrencies into cash.
As the investigation progressed, it became clear that Chiu had a history of frequent international travel. Authorities suspect that this person may have participated in meetings with foreign entities associated with gambling and fraudulent activities.