Huaxun Electric Energy Suspected of Illegally Raising Over NT$190 Million, Taipei Prosecutors Seek Detention of 3 Executives

(Central News Agency, reporter Xie Junlin, Taipei, 9th) Prosecutors and investigators received reports that Huaxun Electric Energy 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 searched and summoned 14 people, including the CEO surnamed Hsieh, yesterday. After overnight interrogations, they sought detention and a communication ban for three executives, including the CEO surnamed Hsieh, and imposed restrictions on their departure from the country and sea.

The remaining 11 Huaxun supervisors and sales staff were released on bail ranging from NT$100,000 to NT$800,000 after being re-questioned by prosecutors, all subject to restrictions on residence, departure from the country, and sea. The president surnamed Chen, who has not yet appeared, is being continuously pursued.

The Northern Regional Mobile Task Force of the Ministry of Justice Investigation Bureau issued a press release yesterday stating that a special task force investigation found that the CEO surnamed Hsieh and others of Huaxun Electric Energy Company exhibited at franchise exhibitions in the Taipei World Trade Center, Taichung, and Kaohsiung, promoting the "Huaxun Electric Energy FAFAGO Charging Pile" investment case to the public. They displayed news of the company's president surnamed Chen signing cooperation contracts with other companies to attract investors. They also posted advertisements on public social platforms like Facebook.

According to the press release, the CEO surnamed Hsieh and others claimed that for every NT$300,000 investment in one charging pile, investors were guaranteed a minimum monthly profit of NT$3,520, an annualized return rate 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 with different incentive plans such as "buy two get one free" or "buy three get two free" to encourage additional investment.

It wasn't until May of this year that investors realized they had been scammed, as Huaxun Electric Energy Company was unable to pay investors their monthly payments and had vacated its office. The Northern Task Force initially estimated that from March 2024 (Republic of China year 113) to the present, the amount of illegal funds raised by Huaxun Electric Energy Company has exceeded NT$190 million.

After receiving the tip-off, the Northern Task Force, under the direction of Taipei District Prosecutors Office prosecutor Tsai Chia-chien, formed a special task force with the Shulin Precinct of the New Taipei City Police Department and the Criminal Investigation Brigade of the New Taipei City Police Department. Yesterday, they simultaneously searched 21 locations, including the Huaxun Electric Energy Company group and the residences of the main suspects surnamed Hsieh and Chen. They detained and summoned 14 people, including the CEO surnamed Hsieh, and 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: Lin Shuhui) 1150609