Taiwan’s Criminal Bureau’s Electronic Investigation Team has successfully busted a significant crypto money laundering operation, involving $320 million worth of USDT. This operation spanned multiple countries in Southeast Asia and was masterminded by a merchant named Qiu.
The Investigation Uncovered a Web of Deceit
Last year, the investigation began when the Electronic Investigation Team discovered a case of fraudulent mobile software linked to Taishin Securities. After following the money trail, authorities stumbled upon a complex network orchestrated by Qiu. Local media reports describe Qiu as the linchpin of this elaborate scheme. Taiwan is currently in the process of implementing definite crypto regulations, reflecting the importance of cracking down on such criminal activities.
An Elaborate Modus Operandi
The operation’s modus operandi was carefully devised to conceal the origins of the illicit funds. Victims’ money was funneled through multiple shell accounts before reaching Qiu. Once in possession of the funds, Qiu converted them into cryptocurrencies, effectively facilitating the process of money laundering. Qiu would then receive a commission of 1% on each transaction.
Qiu’s involvement in other criminal activities was brought into question due to his frequent overseas travel, particularly to gambling and fraud groups. The evidence gathered led the prosecutor’s office to take swift action.
Apprehension and Seizure of Vital Evidence
On June 13, as Qiu was returning to Taiwan from Taoyuan Airport, authorities apprehended him. During the investigation, the police seized Qiu’s mobile phone, which contained crucial digital evidence. Additionally, they confiscated Qiu’s luxury items, including a Lamborghini URUS, a Lexus LM, three Apple watches valued at a million yuan, a substantial sum of 210,000 yuan in cash, laptops, debit cards, passbooks, and drugs such as coffee pods and K-tamine.
A Staggering Amount of Tether Coins Involved
Qiu’s cryptocurrency wallet had processed a staggering 320 million Tether (USDT) coins since mid-February of the previous year. The converted market value of these tokens exceeded 10.48 billion yuan. Out of the illegally obtained Tether coins, Qiu was found to have handled 2,166,177, with an approximate market value of 70 million yuan. This money laundering operation holds the record for the largest amount of illicit funds detected and seized by the Electronic Investigation Team.
Involvement of Accomplices
Aside from Qiu, the case also involved three other individuals within the same network. A 25-year-old foreign affairs officer surnamed Liao, a 30-year-old operator named Chen, and a 31-year-old named Huang were identified as accomplices in both fraud and money laundering activities. The police conducted a thorough investigation, which ultimately led to the identification and implicatation of these individuals.
