Second Indictment in 'Absolute Energy' Ponzi Scheme; Prosecutors Seek 20+ Years for Ringleader
The Taipei District Prosecutors Office has indicted 10 individuals, including ringleader Chiu Chih-hao, for a massive Ponzi scheme involving a fake decentralized lending platform. The group allegedly swindled over NT$5.7 billion.
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- 📰 Published: May 26, 2026 at 12:54
- 🔍 Collected: May 26, 2026 at 13:01 (7 min after Published)
- 🤖 AI Analyzed: May 31, 2026 at 20:01 (126h 59m after Collected)
Taipei, May 26 (CNA) - The Taipei District Prosecutors Office (TDPO) has continued its investigation into the 'Absolute Energy' investment fraud case, following the indictment of 17 defendants last year. Prosecutors discovered that ringleader Chiu Chih-hao and his associates had established a fake 'decentralized lending platform' to solicit over NT$5.7 billion from investors. On May 26, the TDPO indicted 10 individuals, including Chiu, for violations of the Banking Act and other charges, with prosecutors seeking a sentence of over 20 years for Chiu.
Since March 2023, the Absolute Energy Group set up websites and held seminars under the guise of investment management, claiming to invest in cryptocurrency and clean energy technology. They promised annual returns of up to 25% and 42%, respectively.
The group provided 'Absolute Energy preferred stock' as certificates to attract investors, illegally collecting NT$277.3 million. The TDPO indicted Chiu and 17 others last year for violating the Banking Act.
Further investigation revealed that the group issued virtual assets 'EGT coins' and 'TBT coins' in 2021 and launched a fake 'decentralized lending platform smart contract' in 2022. Through investment seminars, they falsely claimed that lending TBT coins would yield high interest, backed by EGT coins as collateral, labeling it a 'guaranteed profit' scheme.
Prosecutors estimate that between March 2022 and March 2026, Chiu and his associates recruited at least 1,570 investors, swindling a total of NT$5,726,306,537. The TDPO indicted the 10 individuals today for violations of the Banking Act, the Fraud Crime Harm Prevention Act, the Criminal Code, the Money Laundering Control Act, and the Multi-level Marketing Supervision Act. Prosecutors requested a sentence of over 20 years for Chiu, and sentences ranging from 8 to 18 years for the other defendants.
Since March 2023, the Absolute Energy Group set up websites and held seminars under the guise of investment management, claiming to invest in cryptocurrency and clean energy technology. They promised annual returns of up to 25% and 42%, respectively.
The group provided 'Absolute Energy preferred stock' as certificates to attract investors, illegally collecting NT$277.3 million. The TDPO indicted Chiu and 17 others last year for violating the Banking Act.
Further investigation revealed that the group issued virtual assets 'EGT coins' and 'TBT coins' in 2021 and launched a fake 'decentralized lending platform smart contract' in 2022. Through investment seminars, they falsely claimed that lending TBT coins would yield high interest, backed by EGT coins as collateral, labeling it a 'guaranteed profit' scheme.
Prosecutors estimate that between March 2022 and March 2026, Chiu and his associates recruited at least 1,570 investors, swindling a total of NT$5,726,306,537. The TDPO indicted the 10 individuals today for violations of the Banking Act, the Fraud Crime Harm Prevention Act, the Criminal Code, the Money Laundering Control Act, and the Multi-level Marketing Supervision Act. Prosecutors requested a sentence of over 20 years for Chiu, and sentences ranging from 8 to 18 years for the other defendants.
FAQ
What should investors be aware of regarding crypto in Taiwan?
Investors should verify if the platform is registered with Taiwan's Financial Supervisory Commission (FSC) to avoid unregulated investment schemes.