Taiwan Authorities Arrest Nine in Alleged $30 Million Forex Investment Scam

Authorities have apprehended a man surnamed Liu and nine associates in connection with an alleged foreign exchange investment scam operating under the name OPIX. Liu is accused of organizing investment seminars in Taipei, Taoyuan, and Taichung between 2023 and 2024, promising investors substantial weekly dividends and high annualized returns.

The scheme targeted individuals by claiming that invested funds, converted to U.S. dollars, would be placed in automated foreign exchange trading programs. These programs allegedly offered annualized returns ranging from 16% to a staggering 134%. A key selling point was the promise of "weekly dividends" and recouping the entire principal investment within a year, attracting a large number of participants.

However, the facade crumbled by August 2024 when Liu and his group reportedly began failing to pay out the promised interest. Dissatisfied investors took to online forums to voice their concerns, which ultimately led to the exposure of the alleged scam. Preliminary estimates suggest that the operation may have defrauded investors of over NT$30 million.

Taipei District Prosecutors Office directed investigators to search Liu's residences and detain him and nine others. They are being investigated for aggravated fraud and violating banking laws related to illegal fundraising. The investigation is ongoing as authorities gather further evidence.