Fraud ring using renowned banks’ names to lure victims broken up


The China Post news staff

The Criminal Bureau Investigation (CIB) busted a national fraud ring for placing ads in magazines, posing as large, locally renowned banks hawking low interest rates for loans and conning the unsuspecting public. Police arrested five suspects, including the ringleader surnamed Huang. From 2009, the men would place ads in magazines under the names of First Bank, Cathay Pacific and others, to lure the public with loans on low interest rates. Once people would call their numbers, the men would ask for their personal details, current account information and bank.

They would then call up the victim’s bank pretending to be their client. From there, the fraud ring would ask for all kinds of transfers. After thoroughly confusing the tellers and the victim, the men would pose as the banks to ask for a security deposit of NT$35,000 from the victim, citing their “bad credit history.” According to police, the scam that originated in Pingtung spread from southern to northern Taiwan. Since 2009, the group had conned hundreds of people out of nearly NT$10 million. Investigators are currently looking for other related suspects in hopes of catching them before they get more victims. The CIB also urged the public to refrain from giving out their personal information to anyone, including those who purport to represent huge, recognizable banks. They also reminded the public that in a normal loaning process would not require that the person give up all their existing information and bank account numbers. Legitimate banks would always require the client to go to a teller in person when granting loans. If you suspect someone is trying to con you, call the CIB ad hoc team number: 02-23433980. In the case of an emergency, call: 165 or 110.