Taiwan police have arrested 14 suspects in a $ 5.4 million cryptocurrency scam that attempted to defraud more than 100 people in the past year. The Taiwanese local news site Taipei Times covered the news as we read more on our crypto news today.

The Criminal Police Department reportedly charged 14 suspects, including fraud, money laundering and violations of the Organized Crime Prevention Act. The incident is just one of a growing number of crypto scams that have happened recently. According to CIB investigator Kuo Yu-Chih, a Taiwanese businessman named Chen led the program and promoted crypto investments on social media. He also runs Azure Crypto co, a Taipei-based platform that provides crypto trading and investment services. Kuo said Chen’s investment plans focus on cryptocurrencies like ETH, Tronix and Tether, but added that he promises even higher investment returns through the blockchain industry:

“Chen and his coworkers have set up websites and allegedly used photos of beautiful women to attract mostly male victims, many of whom have retired in high-profile numbers – substantial savings.”

According to reports, attractive images on the websites attracted victims, and Chen and his staff posed as women and convinced them to invest in cryptocurrency systems. According to Taiwanese investigator Teh, they introduced themselves as financial advisors specializing in cryptocurrency mining. Investigators have confiscated records listing more than 100 people who were involved in the fraud, the office added. The CIB began monitoring the company’s activities and online transactions after receiving a complaint from one of the victims.

A person lost money because they invested almost $ 1.5 million in two months. According to CIB, the man said that after the initial investment, Azure Crypto promised an income that prompted him to invest a little more money. After several months of investigation, the CIB searched the company building and the apartment of Chen and his employees. Taiwanese police have reported that other scams are underway and UK police have seized $ 22.25 million worth of cryptocurrency from people engaged in a crypto scam. Likewise, the BitConnect promoter in the United States was previously caught executing a crypto scheme worth over $ 2 billion as the scheme was the largest crypto scam ever charged.