Tsz Chi Foundation defrauded of NT$1.06 billion; lawyer questions gold hoarding

A former director of the Changhua Bar Association, lawyer Chen Yuxuan, is at the center of an alleged fraud scheme that defrauded the Tsz Chi Foundation of NT$1.06 billion. Chen is accused of falsely claiming to have access to BNT vaccine procurement channels during the COVID-19 pandemic, soliciting substantial commission fees from the foundation.

Investigators discovered a significant amount of gold and cash during searches, believed to be part of Chen's efforts to conceal the flow of illicit funds through multiple transfers and withdrawals. The alleged scheme involved disguising the origin of the money before it was converted into gold.

Lawyer Lin Chih-chun raised questions about the suspicious handling of the funds. He noted that if the Tsz Chi Foundation had agreed to pay a large sum as a legitimate fee, Chen could have simply accepted it as income. Instead, Lin questioned the necessity of multiple transfers and the conversion of the money into a large quantity of gold stored at home.

"This method of buying gold is how illegal proceeds are handled," Lin wrote on Facebook. He further expressed bewilderment that accomplices would keep such a large sum of money together instead of dividing it, and then store it for years until discovered by investigators. This handling of funds, Lin suggested, is highly unusual and indicative of an attempt to launder money.

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This method of buying gold is how illegal proceeds are handled, and then a few accomplices get this pile of money and don't divide it, but store it in a safe deposit box for years until it's discovered by investigators? This way of handling funds is really very strange.