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🇹🇼 Taiwan /Crime & Justice

Taiwanese lawyer indicted for defrauding charity of $33 million in fake vaccine deal, authorities seize 158kg of gold

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

News Documents & data Outcome reported
  • A lawyer in Taiwan, Chen Yu-hsuan, is accused of defrauding the Tzu Chi Foundation of NT$1.06 billion by falsely claiming to have access to BNT vaccine procurement channels.
  • Authorities seized over NT$1.08 billion in illicit gains, including 158.8 kilograms of gold valued at approximately NT$680 million.
  • Chen and 17 others have been indicted on charges including fraud, embezzlement, and money laundering.

A prominent lawyer in Taiwan, Chen Yu-hsuan, formerly the head of the Changhua Bar Association, faces charges for allegedly defrauding the Tzu Chi Foundation of NT$1.06 billion (approximately $33 million USD). Prosecutors allege that during the peak of the COVID-19 pandemic, Chen falsely claimed to possess channels for procuring BNT vaccines.

Prosecutors seized approximately 158.8 kilograms of gold.

— Prosecutor's OfficeDetailing the seized assets as part of the investigation.

Prosecutors say Chen, in collusion with a fugitive broker named Li Yi-ru, convinced the Tzu Chi Foundation that she had facilitated vaccine purchases for major corporations. Based on this alleged deception, the foundation entrusted Chen's company, Yu Da Enterprise Management Consulting Co., with procuring 5 million doses of BNT vaccines. Tzu Chi paid NT$1.06 billion in commission fees, excluding the cost of the vaccines and cold chain logistics.

Chen Yu-hsuan allegedly conspired with a broker, Li Yi-ru, to claim she had BNT vaccine procurement channels.

— Prosecutors' investigationOutlining the core of the alleged fraudulent scheme.

Investigations revealed that Chen and her associates transferred approximately NT$740 million from company accounts to personal and other corporate accounts. They allegedly used 33 fake invoices from nine companies to inflate costs and evade taxes totaling about NT$53.74 million. To conceal the illicit funds, Chen allegedly handed over about NT$410 million in cash to others for safekeeping, while the remaining funds were used to purchase gold.

The commission fee paid by Tzu Chi Foundation was approximately NT$1.06 billion, excluding vaccine costs and cold chain logistics.

— Prosecutors' investigationSpecifying the amount allegedly defrauded.

During searches in April and May, authorities seized 158.8 kilograms of gold, valued at roughly NT$680 million, from Chen's luxury residence and other locations. They also confiscated NT$93.08 million in cash and two luxury vehicles. Chen and six others were detained, while the remaining individuals were granted bail. Chen and 17 others have now been indicted on charges including fraud, embezzlement, and money laundering. Prosecutors are seeking the confiscation of over NT$1.11 billion in criminal proceeds and have obtained court approval to freeze assets including bank accounts and real estate.

Chen and her associates transferred about NT$740 million from company accounts to personal and other company accounts.

— Prosecutors' investigationDescribing the alleged money laundering activities.
DistantNews Editorial

Originally published by Liberty Times in Chinese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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