"Money Laundering Machine" Hualien City Representative Chairman Collaborates with Coin Merchants, Laundering Millions of New Taiwan Dollars in Virtual Currency.

Hualien City Council President Li Zhenwei was exposed to be suspected of colluding with cryptocurrency traders to launder money obtained through fraud, using deposit machines to evade bank monitoring. After intensive investigation, Li Zhenwei and several others were detained and released on bail.

Hualien's well-known city council president implicated in virtual currency fraud storm, prosecutors and police launch comprehensive search.

Money Laundering Scheme Exposed: Renting Deposit Machines to Convert Cryptocurrency

The Criminal Investigation Bureau found that Li Zhenwei collaborated with a currency trader surnamed Zhang to convert large amounts of cash into cryptocurrency through a rented deposit machine, which is essentially an ATM with only deposit functions. This machine can deposit up to 8 million New Taiwan Dollars at a time, allowing the money to be transferred to specific company accounts, thereby bypassing the bank's fund source verification process.

Involved Amount Reaches Eighty Million, Multiple Suspects Implicated

Li Zhenwei, with the assistance of dummy company accounts and Zhang, is suspected of laundering an amount totaling eighty million New Taiwan Dollars. Zhang not only provided the money laundering tools but also charged a commission of 5% to 10% on the converted funds. Additionally, several individuals were detained for purchasing cryptocurrency or acting as couriers.

Active Crackdown by the Criminal Investigation Bureau and Prosecutors

Under the direction of the Hualien District Prosecutors' Office, the Criminal Investigation Bureau conducted a large-scale detention operation on March 19 this year, including searches and seizures, and Li Zhenwei, Zhang, and others were released on bail in accordance with the law. This case also involves fraud and organized crime prevention, demonstrating the strict stance of the judiciary against financial crimes.

Public Reminded to Stay Vigilant

The Criminal Investigation Bureau emphasized that with the evolving nature of fraud, especially the rampant investment scams involving cryptocurrency, the public is urged to carefully consider and stay vigilant when faced with various high-return investment temptations to avoid economic losses.