New Taipei Police Department's "Operation Cut Off" yields impressive results, arresting hundreds of fraud ring members and seizing nearly two billion virtual currencies.

According to the statistics from the Fraud Prevention Office of New Taipei City, 15 fraud groups have been uncovered this year, with 159 fraudsters arrested, and a total of 580 million NT dollars seized. The related fraudulent schemes still use tactics such as "guaranteed profit, no risk" to lure investors to put their funds into fake platforms. Victims are deceived by seeing their profits double and believing it to be true, only to realize later that the platform cannot withdraw funds, leading to the realization of being scammed.

Image Source: New Taipei City Criminal Investigation Division

Police Operation "Cutting Off Investment" Seizes Over 200 Million NTD in Illicit Funds

According to reports from UDN, Apple Daily, and other media outlets, the New Taipei City Police Department launched a 10-day "Cutting Off Investment" enforcement operation starting on January 22 to crack down on fraudulent investment schemes.

During this operation, the police targeted fraudulent investments, face-to-face exchange brokers, and money laundering, resulting in the seizure of 78 million NTD in cash and various cryptocurrencies valued at 186 million NTD.

15 Fraudulent Groups and 159 Suspects Arrested

According to the New Taipei City Fraud Prevention Office, 15 fraudulent groups have been uncovered this year, leading to the arrest of 159 individuals involved in these schemes, with a total seizure of 580 million NTD.

It is reported that the fraudulent tactics still revolve around promises of "guaranteed profits" and "risk-free investments," deceiving investors into putting their money into fake platforms. Victims only realize they have been scammed when they are unable to withdraw their funds from these platforms.

The New Taipei City Criminal Investigation Bureau pointed out on Facebook that significant progress has been made in targeting fraudulent brokers, with 98 withdrawal brokers identified in this operation. Moreover, recent investigations have shown a trend towards younger members within these illegal groups, indicating their exploitation of young individuals and those with limited legal knowledge. As a result, efforts will be expanded to track down and investigate these types of fraudulent activities.