"Light Sentences for Fraudsters! Lawyers and Police Officers Switching Careers" Public Calls for Government to Establish Debt Collection National Team: Revealing Five Major Financial Fraud Cases Exposing Rampant Scams in Taiwan"

In recent years, Taiwan has experienced several large-scale financial fraud cases, involving companies such as imB, Zhenyun, Aofeng Fund, Wuhu Longhai, and Baifu. The total number of victims has reached tens of thousands, with the amounts involved totaling hundreds of billions of New Taiwan Dollars. Recently, victims of these financial fraud cases have jointly petitioned the Legislative Yuan, urging the government to amend laws to increase enforcement efforts and establish a dedicated "national debt collection team" to assist victims in recovering their losses.

"Fraudsters' Lenient Punishment!" Victims Call for Government Reform

Amendments to Add Regulatory Provisions

In the "Exhibition Cloud" case, there were 9,832 victims, with a total fund of over 18.2 billion New Taiwan Dollars raised nationwide. The victims' self-help association suggested amending the funeral management regulations to include prohibiting the sale of burial plots with only perpetual usage rights, and requiring funeral facilities to come with land ownership and full trust management, among other measures.

Increasing Penalties for Financial Fraud

The "Bafu" and "Aofeng" cases involved fundraising scales of 18 billion and nearly 200 billion New Taiwan Dollars respectively, causing thousands of people to lose their fortunes, and even leading to suicides among investors. The victims' self-help association strongly demands that the judicial authorities severely punish illegal activities, increase penalties, and trace illegal gains and related assets.

Establishing a National Debt Recovery Team

Representatives from five self-help groups pointed out that the current cost of fraud is too low, with many highly educated individuals even choosing to join fraud groups. They urge the government not only to have a "national team" to combat fraud but also to establish a "national debt recovery team" dedicated to recovering losses for victims and strictly enforcing the procedures for tracing and seizing illegal assets.

The High Returns and Low Risks of Fraudsters: Lawyers/Police Officers/Engineers All Involved

These cases reflect that fraud has become a high-return, low-risk industry in Taiwan. Even professionals in high-paying occupations such as lawyers, engineers, and police officers have chosen to abandon their original jobs and join fraud groups. Victim representatives bluntly stated that the current penalties for fraud crimes are too lenient, giving criminals enough incentive to continue engaging in such illegal activities.

Many white-collar workers have turned to fraud activities, mainly due to the relatively light sentences for fraud—only serving three to seven years in prison could lead to parole. In addition, fraudsters can easily conceal illegal gains by setting up investment companies, using virtual currency accounts, or using others' bank accounts under false names to operate, making the legal tracking and fund seizure process cumbersome and difficult. Bail amounts set too low may lead to suspects choosing to flee, and there may not be further legal consequences for them after escaping. These criminals also use illegally obtained funds to hire lawyers for defense, while victims struggle to seek legal compensation due to insufficient funds.

Police officers in Kaohsiung involved in a billion-dollar virtual currency fraud group, prosecutors break the case

Scammer Lin Genghong and model lawyer Wang Chenhuan are the masterminds of the air currency scam, with Pan Yizhang responsible for the fronting

Public's Hope for Government Response

The victims' appeals have sparked widespread attention from all sectors of society. Whether the government will take more stringent measures to combat financial fraud and successfully establish a "debt recovery national team" to effectively help victims recover their losses has become a focus of public attention. The public expects the government to take substantive actions to fundamentally solve the problem of financial fraud and protect the property security of the people.

New Taipei Police's "Cutting Off Investment" operation yields remarkable results, arresting hundreds of fraud group members and seizing nearly 2 billion virtual currencies

Financial Supervisory Commission targets the currency circle investment consultants! p1trader/TCDAO touted as the world's number one Binance contract, listed as operating illegal securities investment consultancy