The Taiwan local Criminal Bureau has successfully traced and uncovered stolen funds from Qiu, a water merchant suspected of using digital currency for money laundering. The Electronic Investigation Team of the Criminal Bureau investigated a fraud case involving fake Taishin Securities mobile phone software from last year. They not only traced the victim’s stolen money but also uncovered a significant money laundering operation.
Qiu, who is 40 years old, was reported to have frequently traveled to Malaysia and other Southeast Asian countries. However, upon his return to the country in June of this year, he was promptly arrested. Additionally, other individuals involved in the case were also apprehended.
According to local media reports, authorities have discovered that the suspects were involved in handling digital currencies worth over a billion USD. The Electronic Investigation Brigade has seized the highest amount of money laundering funds ever recorded, breaking previous records.
The investigation and uncovering of this operation were made possible through the collaborative efforts of the Taichung District police branch and the Sixth Criminal Division of the City.
The investigation revealed that Qiu, after receiving money from victims, transferred the funds through various virtual currency accounts. Additionally, Qiu then converted the virtual currency into cash, effectively laundering the funds. There are also suspicions of Qiu’s involvement with international gambling and fraud groups.
Last year, the authorities seized the Lamborghini URUS and Lexus LM luxury cars that Qiu had purchased. They also confiscated three AP watches, along with other items such as 210,000 yuan in cash, laptops, debit cards, passbooks, and drugs.
Qiu was arrested alongside three other individuals involved in the case: Liao (25 years old), Chen Shuifangtou (30 years old), and Huang Shuifang (31 years old). Despite these arrests, the local authorities are still conducting further investigations into the flow of funds.
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