Taiwanese Authorities Disrupt $320 Million Cryptocurrency Money Laundering Operation
Police in Taiwan have nabbed a suspect for running a gigantic money laundering operation in the country. The case came to light due to the man's many foreign gambling expeditions.
Recently, Taiwan's Criminal Bureau's Electronic Investigation Team (EIT) exposed a slick money laundering network run by an individual known simply as "Qui," per media source United Daily News. This intricate maze of illegal monetary exchanges stretched across Southeast Asia, involving a mind-boggling $320 million in Tether (USDT) cryptocurrency.
Qui had a day job as a merchant, but on the sly, he allegedly commanded a large-scale criminal organization encompassing Malaysia, the Philippines, and Hong Kong.
He charged a 1% commission on every money laundering deal he handled. This fee structure amounts to an impressive $3.2 million, although authorities think it could be higher.
Since February 2022, EIT agents have gathered solid evidence tying Qui to the transfer of $320 million Tether through his controlled cryptocurrency wallets. With each Tether token worth approximately $1 due to its stable value linked to the U.S. dollar, albeit subject to slight swings, the total sum is eye-popping.
Cryptocurrency Maze
Qui relied on a network of fake accounts to function as funnels for moving ill-gotten gains until they ultimately landed in his hands. As part of this process, funds were gradually exchanged into various cryptocurrencies, rendering their origin hard to trace and streamlining further monetary maneuvers.
The investigation's inception can be traced back to last year when EIT operatives honed in on Taishin Securities, a financial firm in Taiwan. They became suspicious due to the presence of pirated software related to the company.
The money trail eventually guided investigators to Qui. Probing into his everyday routine, they stumbled upon a streak of trips and engagements that were suspicious. Qui's frequent jaunts abroad, frequently featuring visits to undisclosed legal and illegal casinos, hinted at possible ties to individuals previously flagged for possible criminal engagement.
Luxury Seizure
Qui was apprehended on June 13 upon his arrival in Taiwan at the Taoyuan Airport. During the investigation, his cellphone, believed to hold detailed records of his illegal activities, was seized.
In addition, authorities confiscated a Lamborghini Urus SUV, a Lexus LM minivan, three Apple Watches, CNY210,000 (US$28,686) in cash, multiple computers, debit cards, and assorted illicit substances.
Numerous others implicated in the scam have been apprehended. They could potentially serve up to seven years in prison and pay fines reaching TWD1 million (US$30,770) under Taiwan's Money Laundering Control Act. Their court dates are yet to be set.
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Source: www.casino.org
