The Taipei District Prosecutor’s Office conducted the fourth wave of large-scale search operations against fraud cases involving the top three domestic virtual currency exchanges "ACE Ace Exchange". The cadres and business of the fraud group associated with ACE Ace Exchange founder Pan Yi Zhang are under further search.
(The first trial of the ACE fraud case! The leader of the fraud group said he was "not guilty of issuing coins", the low-orbit satellite lawyer pleaded guilty, and the founder said he was only a "manager")
Fourth wave of search operations
The Taipei District Prosecutor's Office yesterday directed the Taipei City Investigation Division of the Investigation Bureau and the New Taipei City Criminal Investigation Department to launch the fourth wave of search operations. The operation targeted 20 locations and brought back three branch presidents and 17 business staff of the fraud group for questioning. In the end, it was decided to post a bail of 300,000 yuan for one salesperson surnamed Liu, and restrict him from leaving the country; the other 12 salesmen were given a bail of 100,000 yuan, and they were also restricted from leaving the country. As for the three branch presidents, they are expected to be transferred to the Beijing Examination for retrial today.
The first three waves of investigation results
In the previous three waves of investigation operations, the Taipei District Prosecutor’s Office has prosecuted 32 people, including lawyer Wang Chenhuan. During the ongoing investigation, prosecutors found that there were still other persons involved in the case, so they conducted the fourth wave of search operations and arrested 20 people.
Fraud techniques and victimization
Pan Yizhang, the founder of ACE Ace Exchange, is suspected of cooperating with Lin Genghong, the mastermind of the fraud group who claims to be the "God of the System", and Lin Ruoqiao of the "Qianqiao Team" and others, using virtual currencies such as Magic Coin, CSO Coin, FITC Coin, and NFTC Coin to conduct Fraud and money laundering. According to investigations, this fraud case involved more than 1,200 victims and resulted in losses of nearly 800 million yuan.
How criminal organizations operate
Prosecutors found that Lin Genghong and others formed a criminal organization specializing in fraudulently selling various virtual currencies and blockchain-related products, with accumulated criminal proceeds of at least 2.2 billion yuan. Lin Genghong instructed his subordinates to deliver 43 million yuan of it to Wang Chenhuan, of which 26 million yuan was used as a capital increase for Ace Exchange and the other 17 million yuan was used as an investment in Bangkok Jianye Law Firm.
This article ACE’s ongoing investigation into the fraud case: the officers and business of the fraud group are being searched first appeared on Lian News ABMedia.
