Huaxun Electric Energy Suspected of Illegal Fundraising Over NT$190 Million; Prosecutors Search 21 Locations, Summon 14 Suspects

(Central News Agency, Reporter Xie Junlin, Taipei, June 8) The Northern District Investigation Division of the Investigation Bureau received a tip-off that Huaxun Electric Energy Company has been illegally raising over NT$190 million from the public since 2024 under the guise of investing in 'FAFAGO Green Charging Piles.' The Taipei District Prosecutors Office today directed police and investigators to search 21 locations and detain and summon 14 suspects, including the main suspect surnamed Hsieh.

According to a press release from the Northern District Mobile Task Force of the Ministry of Justice Investigation Bureau, the task force investigation found that the main suspect, surnamed Hsieh, and others from Huaxun Electric Energy Company exhibited at franchise exhibitions in the Taipei World Trade Center, Taichung, and Kaohsiung. They promoted the 'Huaxun Electric Energy FAFAGO Charging Pile' investment case to the public, displaying news of the company's President, surnamed Chen, signing cooperation contracts with other companies to attract investors. They also posted advertisements on public social media platforms like Facebook.

According to the press release, the main suspect, Hsieh, and others claimed that for every investment of NT$300,000 in one charging pile, investors were guaranteed a minimum monthly profit of NT$3,520, an annualized return of 14.08%. After the 3-year investment period, investors could choose to have Huaxun Electric Energy Company buy back the charging pile at 70% of the price, or continue investing to enjoy different discount plans such as 'buy two get one free' or 'buy three get two free,' enticing investors to increase their investments.

It wasn't until May of this year that investors realized they had been deceived, as Huaxun Electric Energy Company was unable to pay the monthly investment funds and had vacated its office. The Northern District Investigation Division initially estimates that since March 2024, the total amount of illegal funds raised by Huaxun Electric Energy Company has exceeded NT$190 million.

After receiving the tip-off, the Northern District Investigation Division reported the case to the Taipei District Prosecutors Office, led by Prosecutor Tsai Chia-chien. A task force was jointly established with the Shulin Branch of the New Taipei City Police Department and the Criminal Investigation Brigade of the New Taipei City Police Department. Today, simultaneous searches were conducted at 21 locations, including the Huaxun Electric Energy Company group and the residences of the main suspects, Hsieh and Chen. A total of 14 suspects, including Hsieh, were detained and summoned. A large number of pieces of evidence, including computer hosts, contracts, and bankbooks, were seized.

The Northern District Investigation Division stated that investment fraud has been rampant in Taiwan in recent years, seriously affecting the property safety of all citizens and social stability. The Investigation Bureau will continue to crack down on illegal fundraising and fraud crimes and urges investors to be cautious about investment plans that emphasize guaranteed profits and high returns, and not to be easily deceived by illegal investment tactics. (Editor: Chen Renhua) 1150608