Arrests in Taiwan over NT$2trillion (US$65 million) wine fraud
Ten people in Taiwan have been arrested over a NT$2trillion (US$65 million) wine-themed investment fraud, local media has reported.
According to local media outlet Liberty Times Net, the defendants worked for a company called Yixin Global Strategies Co and were said to have defrauded investors of billions of pounds over a seven year period, between 2015-2022.
Investigations heard that the fraud happened through two funds, one of which involved investments in the international wine sector, including premium wines, wineries and blockchain platforms. Investors were supposedly promised returns of between 9.5% to 13.5% every six months, however when they failed to see a return on investment, they reported the company to the police, who launched an investigation.
The Taichung District Prosecutor’s Office has now charged the ten individuals, including the alleged ringleader, a 51-year old man reportedly called Li, as well as confiscating real estate and accounts.
Li claimed to be working on behalf of the Hong Kong-based Best Leader Financial Group, claiming that celebrities including David Beckham, NBA star Yao Ming, Carina Lau, and Zhao Wei are investors in the fund, although there is no evidence that this was the case.