Gang-run underground bank uses fake debt consolidation to extort money, Taipei police arrest 9 suspects
Taipei police have busted an underground financial organization led by members of the Bamboo Union Hongren gang. This group targeted university students, enticing them with fake "debt consolidation" to sign large promissory notes and then extorting their families. Nine suspects have been arrested, and illicit evidence totaling over 70 million NTD has been seized.
📋 Article Processing Timeline
- 📰 Published: April 29, 2026 at 21:13
- 🔍 Collected: April 29, 2026 at 21:31 (18 min after Published)
- 🤖 AI Analyzed: April 29, 2026 at 23:00 (1h 29m after Collected)
Central News Agency
(Central News Agency reporter Huang Li-yun, Taipei 29th) The Taipei City Police arrested 9 suspects in connection with an underground financial syndicate led by Wu, a member of the Bamboo Union Hongren gang. The syndicate engaged in small-amount lending and targeted unsuspecting university students with good family relationships. They pretended to offer "debt consolidation" to trick students into signing large promissory notes, then used these to extort money from their families.
The Taipei City Police Department's Criminal Investigation Division announced the case today, stating that they received a report from a victim who claimed to have been extorted and defrauded by an underground bank. They immediately reported the case to the New Taipei District Prosecutors Office for investigation and formed a task force with the Zhongzheng First, Zhongshan, Wanhua precincts of the Taipei City Police Department and the Pingtung County Police Department to pursue the case.
Investigations revealed that the criminal group, led by Wu, operated online small-amount lending. Its members engaged in loan sharking, specifically targeting unsuspecting university students with good family relationships. Using malicious tactics and deceptive language online and over the phone, they pretended to assist with "debt consolidation," gradually luring victims into signing large promissory notes. These notes were then used to extort family members, demanding they repay their children's debts.
Starting from May last year, Wu and other suspects targeted an unsuspecting male university student surnamed Lin. They knew that Lin often used online small loans and that his father frequently helped him repay debts. They set up a trap, luring Lin to sign two promissory notes, each for NT$1 million, in his own and his father's names, and recorded a video of him voluntarily borrowing money. However, they falsely claimed that the loan required processing time and did not disburse the funds on the spot.
The group members later presented the promissory notes to Lin's father, demanding he repay his son's debts. Unaware of the true situation, Lin's father, seeing the promissory notes and the borrowing video, reluctantly signed another promissory note for NT$1.3 million to repay the debt. The criminals, emboldened by their success, then used a similar method to defraud Lin's aunt, making her sign another NT$1 million promissory note.
The case was exposed when Lin's father went to the post office to withdraw a large sum of money for repayment, and a vigilant teller, concerned by the transaction, questioned him and reported it to the police.
In addition, another university student surnamed Chen and his mother also encountered similar fraudulent tactics. The perpetrators pretended to assist with car loans and tricked Chen into signing promissory notes. When Chen was unable to pay the interest, they falsely claimed they could help with debt consolidation, luring him to sign even higher-value promissory notes, with his mother acting as guarantor. They then used this to extort Chen's mother, demanding she mortgage her property to repay her son's debts.
After a long period of evidence collection, the task force launched simultaneous raids in New Taipei, Taoyuan, and Chiayi at the end of last year, arresting 9 suspects, including Wu. At the same time, over 300 pieces of illicit evidence were seized at the scene, including promissory notes, loan agreements, and declarations, totaling over NT$70 million.
After questioning, the 9 suspects were transferred to the New Taipei District Prosecutors Office for investigation on charges of violating the Organized Crime Prevention Act, aggravated fraud, extortion, usury, and disturbing public order under the Criminal Code. The New Taipei District Court later ruled that Wu and 5 other suspects be detained and held incommunicado. (Editor: Chang Ya-ching) 1150429
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(Central News Agency reporter Huang Li-yun, Taipei 29th) The Taipei City Police arrested 9 suspects in connection with an underground financial syndicate led by Wu, a member of the Bamboo Union Hongren gang. The syndicate engaged in small-amount lending and targeted unsuspecting university students with good family relationships. They pretended to offer "debt consolidation" to trick students into signing large promissory notes, then used these to extort money from their families.
The Taipei City Police Department's Criminal Investigation Division announced the case today, stating that they received a report from a victim who claimed to have been extorted and defrauded by an underground bank. They immediately reported the case to the New Taipei District Prosecutors Office for investigation and formed a task force with the Zhongzheng First, Zhongshan, Wanhua precincts of the Taipei City Police Department and the Pingtung County Police Department to pursue the case.
Investigations revealed that the criminal group, led by Wu, operated online small-amount lending. Its members engaged in loan sharking, specifically targeting unsuspecting university students with good family relationships. Using malicious tactics and deceptive language online and over the phone, they pretended to assist with "debt consolidation," gradually luring victims into signing large promissory notes. These notes were then used to extort family members, demanding they repay their children's debts.
Starting from May last year, Wu and other suspects targeted an unsuspecting male university student surnamed Lin. They knew that Lin often used online small loans and that his father frequently helped him repay debts. They set up a trap, luring Lin to sign two promissory notes, each for NT$1 million, in his own and his father's names, and recorded a video of him voluntarily borrowing money. However, they falsely claimed that the loan required processing time and did not disburse the funds on the spot.
The group members later presented the promissory notes to Lin's father, demanding he repay his son's debts. Unaware of the true situation, Lin's father, seeing the promissory notes and the borrowing video, reluctantly signed another promissory note for NT$1.3 million to repay the debt. The criminals, emboldened by their success, then used a similar method to defraud Lin's aunt, making her sign another NT$1 million promissory note.
The case was exposed when Lin's father went to the post office to withdraw a large sum of money for repayment, and a vigilant teller, concerned by the transaction, questioned him and reported it to the police.
In addition, another university student surnamed Chen and his mother also encountered similar fraudulent tactics. The perpetrators pretended to assist with car loans and tricked Chen into signing promissory notes. When Chen was unable to pay the interest, they falsely claimed they could help with debt consolidation, luring him to sign even higher-value promissory notes, with his mother acting as guarantor. They then used this to extort Chen's mother, demanding she mortgage her property to repay her son's debts.
After a long period of evidence collection, the task force launched simultaneous raids in New Taipei, Taoyuan, and Chiayi at the end of last year, arresting 9 suspects, including Wu. At the same time, over 300 pieces of illicit evidence were seized at the scene, including promissory notes, loan agreements, and declarations, totaling over NT$70 million.
After questioning, the 9 suspects were transferred to the New Taipei District Prosecutors Office for investigation on charges of violating the Organized Crime Prevention Act, aggravated fraud, extortion, usury, and disturbing public order under the Criminal Code. The New Taipei District Court later ruled that Wu and 5 other suspects be detained and held incommunicado. (Editor: Chang Ya-ching) 1150429
Choose to stand with facts, every sponsorship you make is a force for protecting press freedom.
Download the Central News Agency's 'First-hand News' APP to stay updated with the latest news.
The text, images, and videos on this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.