Federal bank employee implicated in colluding with a fraud ring to scam tens of millions of New Taiwan dollars, Federal bank and branches under investigation

According to Yahoo News, the New Taipei District Prosecutors Office and the Criminal Investigation Bureau's 6th team conducted searches at the Federal Bank's headquarters and Tonghua branch to investigate allegations of bank employees at the Tonghua branch being involved in a fraud ring, with the amount involved reaching tens of millions of New Taiwan Dollars.

Federal Bank Employees Collude in Fraud, Involving Managers

According to reports, employees of the Federal Bank's Tonghua branch are suspected of colluding with a fraud ring. On 7/10, law enforcement conducted searches at the Federal Bank's headquarters, the Tonghua branch, and the defendants' residences, while also reviewing transaction records and documents at the Taipei and Zhongxiao branches of the Federal Bank. A total of 7 defendants and 1 witness were brought in for questioning.

Among the seven defendants implicated in the Federal Bank case, some hold managerial positions and are suspected of violating banking laws and being involved in money laundering.

In response, the Federal Bank stated that it is cooperating with the investigation process and that this law enforcement action has no impact on its finances, operations, or business.

Cryptocurrency Investment Scam, Is the Federal Bank an Accomplice?

The details of this news case have not been publicly disclosed yet. However, past investigations have revealed numerous scams using Federal Bank accounts under the guise of "investing in virtual currencies." It is not just the Federal Bank; many bank accounts are exploited by criminals to process fraudulent money flows.

In May of this year, the Executive Yuan issued the Anti-Fraud Policy 1.5, specifically mentioning the increasing use of cryptocurrencies in fraudulent money flows. Therefore, virtual asset trading platform operators will be regulated, and related measures will be announced in September this year. Financial institutions are also required to implement control mechanisms for requested transfer agreements.