Taipei Mother and Daughter Fall Victim to Fraud, Leading to Tragic Outcome, Uncovering Allegations Against Notable Jeweler for Money Laundering with USDT Amounting to 2 Billion TWD.
(Background: Major Cryptocurrency Fraud Case Uncovered in Vietnam: Matrix Chain Raised Nearly 400 Million USD, Key Suspect Arrested)
(Supplementary Background: “Bitrace 2025 Annual Cryptocurrency Crime Report” Reports Surge in Fraud, Improvement in Regulatory Freezing Effectiveness)
Last year, a mother and daughter from the Ning family in Taipei’s Neihu District fell victim to an investment scam, losing 12 million TWD. When they reported the case, they were mocked by police officers with remarks such as “You’re still alive?” and “You won’t get your money back.” After returning home, the mother and daughter were devastated and left a suicide note, which led to the tragic outcome. This incident unexpectedly revealed allegations that the well-known Taipei jeweler “Aima Diamond” was involved in money laundering for the fraud syndicate, with amounts reaching as high as 2 billion TWD.
Jewelry Business Not Profitable, Turning to Money Laundering
According to investigations by the police and prosecutors, the fraud syndicate that victimized the mother and daughter was led by members of the Bamboo Union Gang, specifically the father-son duo Hong Huanglong and his son. Lin Zhongwei, the head of Aima Diamond, is accused of laundering money for the syndicate through the purchase and sale of Tether (USDT) within six months, handling 2 billion TWD in just a few months, with illegal profits exceeding 10 million TWD.
The money laundering network formed by Hong Huanglong and his son is intricately organized. First, syndicate members lure victims, and the illicit funds are withdrawn by couriers. After several transfers, Lin Zhongwei’s established jewelry company, “Aima Diamond,” converts the cash into Tether (USDT), quickly transferring it to overseas locations to evade detection.
Lin Zhongwei is suspected of taking risks due to a decline in diamond sales and collaborating with unidentified Chinese individuals, buying low and selling high in USDT to the fraud syndicate, profiting from the price difference and transaction fees. Lin’s lawyer publicly stated:
“The indictment does not list Lin alongside the fraud members, and the flow of funds and timing does not match that of the victims. We will provide factual evidence in court.”
Luxury Cars and Gold Bars Seized
Currently, authorities have seized approximately 40 million TWD in cash, 136,000 Tether (USDT), multiple luxury cars, and gold bars valued at around 20 million TWD from Hong Huanglong, his son, and Lin Zhongwei.
The entire case has been transferred to the Taipei District Prosecutor’s Office for charges of fraud, money laundering, and organized crime and was filed in February this year. Hong Huanglong has been released on bail pending trial, while jeweler Lin Zhongwei has not been detained.
This case not only extends a family tragedy but also reveals how organized crime exploits loopholes in financial technology. Currently, the Financial Supervisory Commission and the Ministry of Justice are working on enhancing the regulation of virtual assets, hoping to prevent similar crimes. However, the most critical aspect remains that the public must heighten their vigilance to guard against investment fraud.
Further Reading: Threads Exposes “Virtual Currency Fraud Victim Network”: Shockingly Encountering Losses of 60 Million, Some Borrowing Money to Survive on Toast.
