Man Behind Investment Seminar Scheme That Raised Over NT$1 Billion Indicted, Bail Conditions Include Travel Ban

According to Central News Agency reporter Cheng Wei-chen in Changhua on the 17th, a 62-year-old man surnamed Huang from Taichung allegedly operated an illegal fund-raising scheme by hosting investment seminars, claiming he could generate high interest through managed foreign exchange investments. The scheme raised over NT$1 billion, and after Huang went missing, several investors realized they had been defrauded and reported the case to police. The Changhua District Prosecutors Office has indicted Huang and his assistant on charges of violating the Banking Act, and Huang has been restricted from leaving the country.

Investigations revealed that in 2023 (Year 112 of the ROC calendar), Huang created a website mimicking an Australian foreign exchange investment platform. He hired a woman surnamed Wu as an assistant, and together they recruited investors to attend investment seminars in Taichung. Attendees were encouraged to register on the website and transfer cryptocurrency to digital wallets designated by Huang.

Huang claimed he would manage foreign exchange margin trading on behalf of investors, promising weekly returns of 0.8% of the principal amount. This model attracted funds from an unspecified number of individuals, offering returns grossly disproportionate to the principal.

Five investors successfully withdrew interest payments initially, receiving transfers from Huang’s accounts. However, Huang later disappeared, prompting investors to realize they were victims. Multiple police stations in Changhua County subsequently received reports.

After completing its investigation, the Changhua District Prosecutors Office confirmed approximately 15 victims. Both Huang and his assistant are suspected of violating the Banking Act, specifically the provision prohibiting non-banking entities from accepting deposits or conducting foreign exchange transactions. They have been formally prosecuted, and prosecutors have requested confiscation of illicit gains. The case has been transferred to Changhua District Court for trial.

The Changhua District Court determined that Huang admitted his actions during preparatory proceedings. Supporting evidence includes testimony from the assistant, witness statements, investor records, and a total deposit volume table. Given the severity of the case—over NT$1 billion raised illegally—and the high risk of flight, the court recently imposed an eight-month ban on Huang leaving the country or sailing abroad. (Editor: Chang Ming-kun) 1150617