Domestic biotech industry boss mortgaged property for European and Indian cryptocurrencies, tragically falling victim to online investment scam worth 59 million TWD

Domestic media reports that a biotech industry executive in New Taipei City fell victim to virtual currency investment scams online. Within just a few months, he not only invested all his account funds but also, under the guidance of the scam group, mortgaged his property, ultimately losing about NT$59 million. Police traced the case and recently uncovered a scam network centered around fake notaries and couriers, arresting a total of 17 suspects including land brokers, and are further investigating the behind-the-scenes scam operation and the main money flow.

From online ads to investment groups, false profits keep enticing victims to invest more

Police investigation revealed that the biotech company owner contacted the scam group through online investment ads in August 2024. He was then recruited into a virtual currency investment community claiming “high returns, low risk,” and was asked to download a designated investment app.

Initially, the platform deliberately displayed apparent profits and continuously encouraged victims to add more funds, even offering “double returns upon reaching targets” as an incentive, prompting victims to keep transferring money and buying coins. As the investment amount grew larger, the owner gradually invested all available funds.

When funds were nearly exhausted, the scam group further induced him to mortgage his property for cash

After the victim’s cash was nearly depleted, the scam group did not stop but instead suggested he use his property as collateral, claiming they could arrange professional notaries to assist with real estate mortgage loans to continue participating in high-yield investments.

Under the scam group’s arrangement, the biotech owner mortgaged a property in New Taipei City, borrowing about NT$7 million in cash, which was then taken away by the courier who came to collect the money. Fortunately, all the assets used were personal assets, and no company accounts were involved; the company’s operations remain normal.

Police dismantle fake notary group, 17 people detained

The victim reported the abnormal investment in January last year. Since the loss exceeded NT$50 million, the Criminal Investigation Bureau immediately classified the case as a major fraud project and established a dedicated team to investigate the flow of funds and land records over several months.

The team identified a 51-year-old land broker surnamed Su as one of the core members of the fake notary group. In October last year, police launched operations, arresting a total of 17 people including notaries, financiers, and couriers, and seizing evidence such as partnership agreements, promissory notes, and real estate mortgage documents.

After interrogation, the prosecutor ordered Su and suspect Xiao, as well as financier Zhou, each to post NT$300,000 bail. Police are continuing to investigate the behind-the-scenes scam operation and the actual masterminds controlling the funds, aiming to clarify the entire scam network.

This article, “Domestic biotech boss mortgaged property for crypto, fell victim to NT$59 million online investment scam,” first appeared on Chain News ABMedia.