Four arrested in investment fraud case - News Summed Up

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Four arrested in investment fraud case

By Jason Pan / Staff reporterPolice officials on Wednesday said that they had arrested four Taiwanese fraud suspects for allegedly promising high returns on property investments in Malaysia. The Criminal Investigation Bureau (CIB) said that officers raided seven locations in Taipei, Taoyuan and Taichung on Monday and arrested the four suspects. ANB advertising and brochures promoted investment in M101 Group projects for new four-star hotels, tourism properties and residential towers, Chang said, adding that they claimed to be able to gain annual returns of 348 percent. Prosecutors said they intend to indict Lee and the other suspects on fraud and money laundering charges, along with breaches of the Banking Act (銀行法). People should study overseas investment opportunities carefully and not place large funds into schemes on promises of a high rate of return within a short period, or promises of bonuses and rewards, as fraud has seen some lose all of their investment, CIB officials said.

Source: Taipei Times March 14, 2019 15:56 UTC