Patcay.com – Law enforcement agencies in Taiwan have disclosed the arrest of four individuals involved in the largest virtual currency money laundering syndicate in the country.
In their official statement, local law enforcement identified one of the suspects, known only as Qiu, as the mastermind behind the laundering of over 320 million USDT stablecoins. Three of his accomplices were apprehended alongside Qiu.
The seized funds were linked to an investment fraud scandal exposed in October 2022, in which Qiu was implicated.
Despite the fraud scheme being unveiled, authorities did not immediately apprehend Qiu, who was reportedly frequently traveling to Malaysia and other Southeast Asian countries.
In mid-2023, upon his return to Taiwan, law enforcement agents finally managed to capture Qiu and his associates, seizing their mobile devices. Surprisingly, after examining the suspect’s phone, the extent of the money laundering network operated by Qiu was revealed.
According to reports, the value of virtual currency seized from Qiu during the raid is believed to be the highest amount ever taken from an individual.
In addition to virtual currency, Taiwanese law enforcement officers also discovered the presence of two luxury vehicles, namely the Lamborghini URUS and Lexus LM, at Qiu’s residence. Furthermore, laptops, credit cards, drugs, and three luxury watches were also successfully confiscated.
On the other hand, prosecutors from the Taichung District Prosecutor’s Office are said to have set bail at over USD 3,000 for Qiu and USD 600 for one of his accomplices.