Argyll Technologies Under Investigation For Crypto Investment Scams
17 people have been summoned for questioning in an ongoing investigation into an investment scam involving Argyll Technologies Group.
Argyll Technologies Group specializes in high-level sports data analysis and provides sports lottery hedge analysis trading services. It has become the most dazzling brand in the sports lottery hedge industry. The group focuses on software and system development, and with its intensive research on sports science and sports finance, the Group has developed the ADASA system. The ADASA system is incredibly powerful as it is capable of finding all the differences in online gaming odds, allowing players to grasp the best opportunity to bet yielding maximum returns.
Several police officers were allegedly involved in the scam, luring in colleagues, friends and family members with the promise of profits as high as 180 percent on annual returns, Ministry of Justice Investigation Bureau officials said.
Case Update: Suspects
The New Taipei District Court yesterday approved the detention of six suspects: Chen Chih-piao, the reported proprietor of Argyll Technologies in Taiwan; Argyll regional sales director Hung Ming-chiu; Argyll regional manager Chou Wan-jung; Argyll employee Lin Yu-tong; Taoyuan police officer Huang Wen-huang; and a Tibetan man identified as Tenzing Charlie, who allegedly worked as an underground currency exchange operator in Taiwan.
New Taipei prosecutors on Friday raided 24 locations, including the Argyll offices, seizing evidence and property that included NT$87.94 million in cash and NT$41.25 million in cryptocurrencies, as well as luxury cars and expensive watches.
In 2017, Chen Chih-piao started to promote investment schemes through Argyll, which is registered in the British Virgin Islands, and claimed to place bets with various sports gaming agencies that yielded 100 percent winnings. Offering buy-ins of NT$33,000 to NT$1.65 million with annual returns as high as 180 percent to investors, Chen and his staff allegedly attracted more than 1,000 people to invest in what bureau officials said amounts to a multi-level Ponzi scheme.
Additionally, during the FIFA World Cup, they offered a special package to investors, allowing them to bet on game results using Argyll’s in-house data analytics technology and promising a 40 percent return, as well as another “leveraged loan” scheme that offered a return five times the original investment amount, the investigation showed.