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Woman loses NT$2.93 million in 'AI fixed deposit' cryptocurrency scam

From Liberty Times · () Chinese

Translated from Chinese, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Outcome reported
  • A 48-year-old woman in Kaohsiung lost 2.93 million New Taiwan dollars in a cryptocurrency scam involving "AI fixed deposits."
  • The victim met with scammers three times to hand over cash, falling prey to a sophisticated online deception.
  • Police arrested a 50-year-old suspect during a fourth attempted transaction, warning the public about virtual currency investment risks.

A sophisticated scam targeting cryptocurrency investors has resulted in a significant financial loss for a 48-year-old woman in Kaohsiung, Taiwan. The victim lost NT$2.93 million (approximately $91,000 USD) after falling for a fraudulent "AI fixed deposit" scheme promoted on Facebook.

AI fixed deposit

— ScammerThe fraudulent investment term used to lure the victim.

The scammer, whom the victim met through Facebook, used advanced terminology like "AI fixed deposits" and promised high returns to lure her into the trap. The victim was persuaded to engage in face-to-face transactions, handing over large sums of cash to individuals posing as cryptocurrency dealers over three separate occasions.

Despite the substantial loss, the fraud group attempted to solicit more money. Acting on a tip, the Nanzi Police Precinct established a task force and set up a sting operation. They successfully apprehended a 50-year-old suspect on August 13th in Houjing East Road, Nanzi District, as he was counting the illicit proceeds from a planned fourth transaction.

The victim fell into a virtual currency scam trap after mistakenly believing the words of a Facebook netizen about 'AI fixed deposits earning money'.

Describing the initial deception that led the victim to lose money.

Police seized the suspect's mobile phone and are investigating his involvement in similar transactions, including dealings in gold and cash, across Tainan and Kaohsiung. The suspect has been transferred to the Qiaotou District Prosecutors Office and faces charges related to fraud and money laundering. Authorities are urging the public to exercise extreme caution with virtual currency investments, warning that scammers often use high-tech jargon and arrange in-person meetings to build trust before defrauding victims. They advise verifying any suspicious offers by contacting the anti-fraud hotline at 165 or emergency services at 110.

Virtual currency investment is high risk. Fraud groups often use technology to package 'fake currency dealers' and 'in-person transaction' tactics. If you have doubts, please call 165 or 110 for verification.

— Nanzi Police DivisionA public warning issued by the police regarding cryptocurrency scams.
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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