The Taipei District Court recently heard a virtual currency fraud case involving 2.2 billion yuan. The case involved Pan Yi-chang, the founder of "ACE Ace Exchange", Lin Ruoqiao, a key figure in the direct sales team, and others. After a court hearing, the collegial panel ruled that some of the defendants had to pay heavy bail and be subject to electronic monitoring. This case has attracted great attention from society.
The garbage coin fraud case was detected in April, and the main suspect is in custody to this day
At the end of April this year, the Beijing Inspection Bureau announced the detection of a major virtual currency fraud case involving more than NT$2.2 billion, and charged 36 suspects, including Lin Genghong and Lin Ruoqiao, the masterminds of the direct selling group, and Pan Yizhang, the founder of ACE Exchange, with fraud and money laundering charges. , organized crime and other charges.
The number of victims in this case reached 1,574, and the amount of fraud was nearly 1 billion yuan. After the case was transferred to the North Court, the collegial panel finally ruled that most of the suspects should be released on bail, leaving only four people, including Lin Genghong, Pan Yizhang, and Lin Ruoqiao, to remain in custody.
The custody period expires: the main suspect pays heavy bail and implements electronic monitoring
After the case went to trial, the court held a retrial on the custody status of the main suspect in mid-July because the detention period was about to expire.
The suspects Pan Yizhang, Lin Ruoqiao and Lin Genghan all pleaded not guilty but were willing to accept electronic monitoring. The North Court Collegiate Tribunal believed that the three persons had completed part of the evidentiary procedures, and although there were still reasons for detention, detention was not necessary. Therefore, it was ruled that Pan Yi-chang should be released on bail in the amount of NT$15 million, Lin Ruoqiao should be paid in NT$16 million, and Lin Genghan should be paid in NT$2 million, and their residence, leaving the country, and overseas travel should be restricted. , and must accept electronic monitoring.
Prosecutors protest and post bail, court re-evaluates
The prosecutor was dissatisfied with the above ruling and immediately filed a protest with the High Court, claiming that the original trial did not fully explain why having a bail could prevent escape and re-offending, and the case involved a huge civil claim and there was a motive for escape. The prosecutor pointed out that the three suspects denied the crime, their confessions were inconsistent with the evidence, and some accomplices had not yet arrived. They were worried that the suspects might collude with witnesses or accomplices after posting bail, so they asked the court to retry the case.
After accepting the protest, the High Court held that the original ruling was justified in being unprepared. Suspected of fraudulently selling virtual currencies and blockchain-related products, the criminal proceeds amounted to NT$2.258 billion. The reporter was defrauded of a total of NT$931.8 million. The proceeds from virtual currency-related fraud were estimated to be NT$796.73 million. The suspect involved in the case In the core position, the amount of insurance must comply with the principle of proportionality. In the end, the High Court ruled to send the case back to the North Court for further review and requested a re-evaluation of the bail.
North Court retrial: uphold the bail decision but increase the bail
After convening the detention court again, the North Court held that the suspects’ defenders had fully presented their defense content and that the three suspects did not delay the proceedings, indicating their intention to face the proceedings head-on.
Taking into account the three people's willingness to accept electronic monitoring, the court believed that the risk of escape was slightly reduced, and finally decided to increase the bail. Pan Yizhang was ordered to post bail of 20 million yuan, Lin Ruoqiao 30 million yuan, and Lin Genghan 8 million yuan respectively, and continued to restrict leaving the country and implement electronic monitoring. In addition, the court required the three people to check in regularly every day using their case mobile phones and not to have contact with witnesses or other defendants. The case is still open to prosecution.
This article The main suspect in the 2.2 billion fraud case posted a heavy bail, and the founder of ACE and other three people had bails as high as 58 million. It first appeared on Chain News ABMedia.