Reported 3 months ago
The Zhaofu Company, led by a man surnamed Tseng, is accused of illegally selling offshore funds in Taiwan, defrauding over 800 victims out of more than 13 billion NTD. The Taipei District Prosecutor's Office has indicted 152 individuals for violations of banking laws and related offenses, while three others remain wanted. Investigations revealed that the company falsely promised high returns with minimal risk, leading to substantial losses for investors who were unable to redeem their principal or interest since February of the previous year.
Source: YAHOO