Police of the Taiwan administration have under arrest 14 individuals for running a $5.41-million (150 million New Taiwan dollars) investment cheat over the past year, including more than 100 cryptocurrency investors.

The accused has been charged with fraud, money laundering, and violations of the Organized Crime Prevention Act by the Criminal Investigation Bureau.

CIB investigator Kuo Yu-Chih said that the scam was controlled by a local businessman named Chen, who ran the operation on social media platforms. Chen was also reportedly running Azure Crypto Co, a Taipei-based platform that provides many investment services, together with cryptocurrency transactions.

He explained:

“Chen and his staff set up Web sites, and allegedly used photographs of pretty women to attract mainly male victims, many of whom were in retirement with substantial savings.”

According to Kuo, Chen and his team of scammers guaranteed great returns on cryptocurrencies such as Ether (ETH), Tron (TRX), and Tether (USDT) although giving themselves as financial advisers specializing in cryptocurrency mining.

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