Authorities in New Taipei City and Kaohsiung on Wednesday said they had raided illegal operations involving investment fraud, online gambling and money laundering.
Police arrested seven suspects working from a commercial building in New Taipei City’s Sinjhuang District (新莊), including the alleged head of an investment fraud operation surnamed Kuo (郭).
Kuo, 25, and his group allegedly created a cryptocurrency and futures investment app, which they advertised to members of the public and operated without a license, police said.
Police said they raided the building last week.
They estimated that more than 100 people using the app lost a combined NT$10 million (US$348,371).
Kuo and