Taipei, June 21 (CNA) Taiwan’s police have arrested two members of a fraud ring and seized 24 kilograms of gold intended for money laundering and shipment overseas, the Criminal Investigation Bureau (CIB) said Saturday.
According to an investigation by the CIB’s Telecommunications Second Investigation Corps, 169 people have fallen victim to fake investment scams set up by the fraud ring, with total losses amounting to NT$600 million (US$20.28 million).
In January 2025, an investigative task force raided the fraud ring’s money laundering operations in Taichung and found that cash or cryptocurrency scammed from victims were quickly converted into gold through laundering networks, and then sent to the ring’s scam call center in Cambodia, according to the bureau.
On June 9, police intercepted two packages bound for Cambodia and Vietnam from a man surnamed Chen (陳), and found they contained what looked like lead alloy doorstops for metal gates, which were then seized for investigation.
The next day, the task force arrested a man surnamed Lee (李) and seized 12 unpackaged gold bars during a raid, also in Taichung, police said.
Meanwhile, another four lead alloy doorstops were found at Chen’s residence. After cutting open the doorstops and dissolving their alloy exteriors, gold bars were found hidden inside.
A total of 24 kg of gold was seized in the raids, with an estimated value of NT$77.42 million based on exchange rates posted by the Bank of Taiwan on June 10.
The two men, both 40 years old, are being investigated and could face fraud and money laundering charges, according to the CIB.
The investigation into the suspects’ shipping receipts found that the shipments began in July 2024, leading police to estimate that a total of over 300 kg of gold may have been laundered in Taiwan and shipped overseas.
The lead alloy wrapping up the gold was meant to evade X-ray scans when going through inspections at airports before the gold is transported by air, the police said.
