Taiwan accuses 14 in the case of fraud star-news.press/wp

The Taiwanese authorities have conclude A major investigation in one of the most fraud in the country’s coding, taking fees against 14 individuals associated with BitShine exchange.

Prosecutors claim that the group conspired by criminal networks for Siphon worth $ 1.27 billion (about $ 41 million) from more than 1500 victims through a plan that combines fraudulent investment rings with unlicensed encrypted work operations.

According to the Central News Agency in Taiwan, BitShine was working under the cover of legitimacy, as it was reported after it passed financial compliance tests, with the use of its brand to hide the activities of another company, BIYING technology, which was not approved by the organizers.

Investigators claim that the two entities work alongside to convert customer deposits into encryption purchases, especially USDT, before transferring money abroad through a series of complex transfers designed to hide their assets.

Fraud network structure

Prosecutors identified a man called Shih as head of the operation in Taiwan, where his wife worked as a manager of Asia, the Pacific and another suspect, Yang, who is responsible for business administration.

By working with organized crime companies, it was claimed that the group ordered the victims to transfer money to the network -controlled portfolio. The symbols were then directed through multiple layers of transactions in what officials described as intentional efforts to launder money and reveal the detection.

Between January 2024 and April 2025, investigators estimate that the process washed more than $ 2.3 billion ($ 75 million). From this, $ 1.27 billion NT has been linked directly to 1,539 specific victims.

Law enforcement seized $ 60.49 million in cash, $ 640,000, additional digital assets, and luxury elements including cars during raids earlier this year.

The authorities stated that the group has misled investors by claiming that it is the only stock exchange authorized by the Taiwan Financial Supervisory Committee (FSC), a tactic that helped attract great deposits.

According to what was reported, they were created more than 40 federations of concession stores throughout Taiwan under Coinw and Bixiang Technology Co. , Ltd. They gathered more than a million yuan in the fees and published “deposit machines” to process the victims’ money.

The accusation regulations and requests for ruling

The Office of the Prosecutor in Shalin Province charged Shah and 13 others of fraud, money laundering, providing unregistered virtual assets services, and organizing a criminal institution under the law to prevent organized crime in Taiwan.

Prosecutors are looking for a 25 -year prison sentence for a woman, citing his refusal to acknowledge guilt and lack of remorse. Other defendants who have confessed or pledged to restore unlawful gains may face reduced penalties.

In addition to the confiscation of the seized digital assets and criticism, the general prosecutors asked the court to order the confiscation of $ 1.275 billion of criminal revenues.

The case was supervised by the Public Prosecutor Lu and Yuan, who confirmed that the suspects had made unlicensed financial operations in violating the Taiwan laws to combat money laundering.

The investigation also revealed a separate fraud targeting the operators themselves. Prosecutors said that a man called a warm air and his partnership of $ 3 million by NT by falsely promised that he could secure the approvals for registering money laundering. The charge was also charged.

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