Huaxun Electric Power Suspected of Illegally Raising Over NT$190 Million; Taipei Court Detains 3 Executives

(Central News Agency, reporter Xie Junlin, Taipei, 9th) Huaxun Electric Power Company is suspected of illegally raising over NT$190 million under the guise of investing in 'FAFAGO Green Energy Charging Piles.' The Taipei District Prosecutors Office conducted a search on the 8th, summoning and detaining 14 individuals for questioning. After interrogation, they requested the detention and communication ban for three executives, including a CEO surnamed Xie, which the Taipei District Court approved today.

As for the remaining 11 supervisors and sales staff, the prosecutor set bail amounts ranging from NT$100,000 to NT$800,000 after questioning, along with restrictions on residence, travel, and departure from the country. A president surnamed Chen has not yet appeared and remains at large.

According to a press release issued by the Northern Regional Mobile Task Force of the Ministry of Justice Investigation Bureau on the 8th, the special task force investigation found that the CEO surnamed Xie and others promised investors that for every NT$300,000 investment in one charging pile, they would guarantee a minimum monthly profit of NT$3,520. After the three-year investment period, investors could choose to have Huaxun Electric Power buy back the charging pile at 70% of the price, or continue investing with different incentive plans such as 'buy two get one free' or 'buy three get two free,' enticing investors to increase their investments.

In May, Huaxun Electric Power was unable to pay investors their monthly returns, and the company premises were vacated, leading investors to realize they had been deceived. The Northern Task Force initially estimates that from March 2024 to the present, Huaxun Electric Power has illegally raised over NT$190 million.

After receiving a tip-off, the Northern Task Force, under the direction of the Taiwan Taipei District Prosecutors Office prosecutor, formed a special task force with the Shulin Precinct of the New Taipei City Police Department. On the 8th, they simultaneously searched 21 locations, including the Huaxun Electric Power group and the residences of the main suspects surnamed Xie and Chen, summoning and detaining 14 individuals. They seized a large number of pieces of evidence, including computer hosts, contracts, and bankbooks. The case is being investigated for violations of the Banking Act. (Editor: Li Mingzong) 1150609