The main suspect in a 2.2 billion fraud case was released on bail with a hefty sum, while the founder of ACE and two others had bail set as high as 58 million.

The Taipei District Court recently heard a virtual currency fraud case involving 2.2 billion NTD. The case involves the founder of "ACE Prime Exchange," Pan Yizhang, and key members of the direct sales team including Lin Ruoqiao. After the court trial, the collegiate bench ruled that some of the defendants must post heavy bail and be subjected to electronic monitoring. This case has attracted high social attention.

Major Cryptocurrency Scam Case Unveiled in April, Main Suspects Remanded in Custody

In late April this year, the Northern District Prosecutors' Office announced the conclusion of a major virtual currency scam case involving over 2.2 billion New Taiwan Dollars. The main suspects included Lin Geng-Hong and Lin Ruo-Qiao, leaders of a multi-level marketing group, as well as Pan Yi-Chang, founder of the ACE Exchange, along with 36 other defendants, who were charged with fraud, money laundering, and organized crime.

The case had 1,574 victims with losses totaling nearly 1 billion NT dollars. After the case was transferred to the Northern District Court, the collegiate bench ultimately ruled to release most of the defendants on bail, except for Lin Geng-Hong, Pan Yi-Chang, Lin Ruo-Qiao, and three others who remained in custody.

Detention Period Expires: Main Suspects Released on High Bail with Electronic Monitoring

As the trial progressed and the detention period was nearing its end, the court conducted a review of the detention status of the main suspects in mid-July.

Suspects Pan Yi-Chang, Lin Ruo-Qiao, and Lin Geng-Han all pleaded not guilty but agreed to electronic monitoring. The collegiate bench of the Northern District Court determined that the three had completed some evidentiary procedures. Although there were still reasons for detention, it was deemed unnecessary, so Pan Yi-Chang was granted bail of 15 million NT dollars, Lin Ruo-Qiao 16 million NT dollars, and Lin Geng-Han 2 million NT dollars. They were also restricted in their residence, travel, and had to undergo electronic monitoring.

Prosecution Appeals Bail Decision, Court Reassesses

The prosecution disagreed with the above ruling and immediately appealed to the High Court, arguing that the original ruling did not sufficiently explain why bail could prevent flight and reoffending, especially in a case involving significant civil compensation claims where there was a motive to flee. The prosecution pointed out that the three suspects denied the charges, their statements did not align with the evidence, and some accomplices were still at large. They expressed concerns that the suspects, once released on bail, might tamper with witnesses or accomplices, hence requested a retrial.

After accepting the appeal, the High Court found the original ruling to be questionable. The criminal proceeds from the alleged fraud involving virtual currencies and blockchain-related products amounted to 2.258 billion NT dollars, with the victims reporting losses totaling 931.8 million NT dollars. An estimated 796.73 million NT dollars were fraud proceeds related to virtual currencies. Since the suspects held key roles in the case, the bail amounts needed to adhere to proportional principles. Ultimately, the High Court remanded the case back to the Northern District Court for further review and requested a reevaluation of the bail amounts.

Retrial at Northern District Court: Bail Decisions Upheld with Increased Bail Amounts

According to reports, after reconvening the detention court, the Northern District Court believed that the defense lawyers had adequately presented their arguments, and the three suspects did not engage in delaying the legal proceedings, demonstrating their willingness to face the charges.

Taking into account the suspects' willingness to undergo electronic monitoring, the court determined a slightly reduced flight risk and ultimately decided to increase the bail amounts. Pan Yi-Chang was granted bail of 20 million NT dollars, Lin Ruo-Qiao 30 million NT dollars, and Lin Geng-Han 8 million NT dollars. The travel restrictions and electronic monitoring remained in place. Furthermore, the court required the three individuals to report daily via their personal cell phones and prohibited them from contacting witnesses or other defendants. The case is still subject to further appeal.