Following non-payment to investors, Taiwan’s Ministry of Justice have opened a criminal investigation into Argyll Technologies.
Despite representing on its website that it was run by a very Anglo-Saxxon looking “Gene Clinton Harris”, Argyll Technologies is in fact run by a group of Taiwanese nationals.
The MoJ’s investigation also revealed the involvement of “several police officers”.
Taiwanese authorities allege Chen Chih-piao (陳志標), Hung Ming-chiu (洪明秋), Lin Yu-tong (林宥彤), Huang Wen-huang (黃文煌) and Tenzing Charlie scammed victims out of $49.03 million USD over the past year.
The suspects have been charged with breaching the Banking Act (銀行法) and the Multi-Level Marketing Supervision Act (多層次傳銷管理法), and some have been charged with money laundering, the officials said.
Last Friday New Taipei prosecutors raided twenty-four location across Taiwan. In addition to evidence, authorities managed to seize $2.8 million USD in cash, $1.3 million USD worth of cryptocurrency, luxury cars and expensive watches.
The New Taipei District Court approved detention of the six named suspects above on Sunday.
An additional seventeen people have also been summoned by judicial authorities.
Based on Alexa traffic statistics for Argyll Technologies’ website, victims of the scam are primarily from Thailand (57%) and Taiwan (40%).
BehindMLM reviewed Argyll Technologies back in February.
Based on amusing Photoshop fails and dodgy claims regarding ROI revenue, we concluded Argyll Technologies was an obvious Ponzi scheme.