Absolute Energy involved in Virtual Money fundraising of 170 million! Northern Prosecutor's Office conducts second wave of searches, applying for detention without visitation for the general manager and 3 others.

The Taipei District Prosecutor's Office is investigating the “Absolute Energy” case, which is suspected of defrauding investors under the guise of Virtual Money and clean energy investments. On September 16, the second wave of search operations was launched, and multiple persons involved were summoned for questioning. After the prosecutors conducted their inquiries, on the morning of the 17th, they requested the court to detain and prohibit from meeting the general manager, a man surnamed Wu, among four defendants. The entire case is being investigated for violations of the Banking Act and the Criminal Code, including aggravated fraud.

Scam Method: Virtual Money + High-Interest Preferred Shares

The prosecution pointed out that the illegal group set up a website and held a briefing under the guise of investment and financial management, claiming to engage in investments in Virtual Money and clean energy technology, and promised:

· Guarantee principal

· Issuing Class A and Class B preferred stocks, with annual interest rates as high as 25.2% and 42% respectively.

· Provide “Preferred Stock of Absolute Energy Company” as a certificate

High returns attract a large number of investors to put in funds, but upon investigation, the dividends received by the investors come from the principal of other investors, which is a typical “Ponzi scheme” where later investors pay earlier ones.

Victim Scale and Amount

Number of victims: 199 people

Amount involved: Over NT$ 170 million

Illegally obtained funds: The first wave of actions has seized over 80 million dollars.

Investigation Progress: Two Waves of Search Operations

· First Wave (August)

Seizing illegal gains exceeding 80 million dollars

The court has approved the detention of Qiu and 6 other individuals from the banned company.

· Second Wave (September 16)

Search multiple locations

Interview with General Manager Mr. Wu and others

On the morning of the 17th, 4 defendants were held without bail.

Cross-agency cooperation investigation

This case was received by the Taiwan High Prosecutors Office after being reported by financial institutions for abnormal remittances, and was referred to the North Prosecutors' Fraud Warning Center for assistance.

· The Money Laundering Prevention Division of the Ministry of Justice Investigation Bureau provides information

· The Taipei City Investigation Bureau and the Daan District of the Taipei City Police Department collaborated on the investigation.

Conclusion

The “Absolute Energy” fundraising scheme combines Virtual Money with clean energy investment packaging, attracting investors with high interest rates and capital protection promises, but in reality, it operates as a Ponzi scheme. The prosecutors have conducted large-scale searches twice and have detained multiple core members, and they will continue to trace the flow of funds and other involved individuals, reminding the public to be wary of similar “high return, low risk” investment traps.