Taiwanese firm accused of defrauding investors of over $6 million in charging pile scam

Taiwanese authorities are investigating Huaxun Electric Energy for allegedly defrauding investors out of over NT$190 million by promoting a "FAFAGO green charging pile" investment scheme. The company lured people with promises of high monthly returns and buy-back options, but began defaulting on payments in May, prompting investor complaints and a police investigation.

Prosecutors have identified the CEO and two other executives as key suspects in the case, which is being investigated under the Banking Act. The main suspect, identified as President Chen, has not yet been apprehended, and authorities are actively pursuing his capture. The investigation involved searches of 21 locations, including the company's offices, and the seizure of computers, contracts, and bank statements.

In total, 14 individuals were brought in for questioning. While the CEO and two executives are facing pre-trial detention requests, 11 other accomplices were released on bail ranging from NT$100,000 to NT$800,000, with restrictions on leaving the country. The company allegedly used social media and participation in franchise expos to advertise the investment plan, even displaying fabricated contracts and photos with well-known companies to build credibility.