Lawyer Wang Chenhuan turned into the head of a fraud group, prosecutors suspect funds are related to a law firm in Thailand.

An individual who doubled as a prominent lawyer and the CEO of the ACE premier exchange – Wang Chen-huan, has been exposed as the mastermind behind a fraudulent syndicate, amassing six luxurious properties and tens of millions in cash through money laundering and scams. Taiwan's Mirror Weekly magazine further pointed out suspicious financial outposts held by Wang Chen-huan in Thailand.

Review of the ACE Exchange Case, Uncovering Lawyer Wang Chen-Huan

On January 24, 2024, the Taipei District Prosecutors' Office, in conjunction with multiple departments, launched a large-scale search and investigation into ACE's flagship exchange founder Pan Yi-Chang and his alleged fraud and money laundering case. During the search operation at the luxurious residence of the lawyer and current executive Wang Chen-Huan, nearly fifty million New Taiwan Dollars in cash was found, shocking the public. Subsequently, Wang Chen-Huan and five other members of the fraud ring were detained on charges of money laundering and fraud.

ACE Case Investigation: Fraudster Lin Geng-Hong and model lawyer Wang Chen-Huan are the masterminds of the air coin scam, with Pan Yi-Chang serving as a figurehead.

The Dual Life of Wang Chen-Huan

Wang Chen-Huan, born into a civil servant family, a Taiwan University law master with an annual salary of nearly ten million New Taiwan Dollars, was once a teaching assistant at the Taiwan University Law Department and an honorary member of Phi Tau Phi. However, in recent years, he ventured into the virtual currency exchange market and is suspected of colluding with a fraud ring, utilizing his legal background to launder funds.

Legal Advisor Turned Fraud Accomplice, Establishing a Base in Thailand

The Conspiracy Behind Legal Services

Wang Chen-Huan not only provided legal consulting services to the ACE flagship exchange but also injected capital. His suspicious financial transactions drew the attention of investigative authorities. The nearly fifty million New Taiwan Dollars in cash discovered during the search is suspected to be proceeds of fraud, indicating that Wang Chen-Huan may have been involved in money laundering activities in Taiwan and overseas.

The Secret of the Thailand Base

Further investigations revealed that Wang Chen-Huan had established a branch office in Bangkok, Thailand, suspected to serve as an overseas base for fraudulent activities. The timing of the office's establishment coincided with Wang Chen-Huan's injection of capital into the ACE flagship exchange, raising more speculation about the source of his funds.

Mirror Media Report: Establishment of Bangkok Branch and Taking Over ACE Coincide

Mirror Media's investigation revealed that before the incident, Wang Chen-Huan, the former head of the Jianye Law Firm, established a branch office in Bangkok, Thailand in January of this year, attracting nearly a hundred people to the opening ceremony at a five-star hotel on the banks of the Chao Phraya River. The personnel and rental expenses of the office were quite substantial. Wang Chen-Huan began preparing for the branch in the third quarter of 2023, and took over as the CEO of the ACE flagship exchange in September of the same year, which was considered a coincidental timing. Wang Chen-Huan also claimed that he personally funded the establishment of the branch office, leading authorities to suspect its connection to the fraud case.

Jianye's Statement: Wang Chen-Huan has stepped down as the director and is not related to our firm.