Fake Robert Tsao scam defrauds woman of over $1.3 million

A sophisticated fraud ring operating from Cambodia has been targeting Taiwanese citizens with a fake investment scheme, impersonating prominent tech mogul Robert Tsao, founder of United Microelectronics Corporation (UMC).

The group advertised heavily on social media, enticing victims to join LINE chat groups. There, they posed as Tsao, promising guaranteed high returns on stock investments and guiding victims to download a fraudulent app. One 70-year-old woman, who works in her family's accounting business, fell victim to the elaborate scam. She handed over cash and gold worth approximately NT$30 million (US$920,000) through 11 face-to-face transactions with couriers.

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When the woman ran out of funds, the fraudsters arranged for a private lender and a land administration agent to help her mortgage two apartments in Taipei and New Taipei City for NT$7 million (US$215,000). After deducting interest and fees, she received only NT$5.25 million (US$161,000), which she then gave to the scammers. She later paid another NT$7 million (US$215,000) to retrieve her properties, bringing her total losses to over NT$44 million (US$1.35 million).

Taiwanese police launched a series of raids from late last year to early March, arresting 20 suspects. These included members of the Zhu Lian gang's Ming Ren Hui, couriers, and individuals who facilitated the property loans. The suspects have been indicted on charges of fraud, money laundering, and organized crime. The investigation is ongoing.

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