Affaire de fraude ACE : deuxième audience | Lin Ruoqiao et 3 principaux suspects remettent 58 millions en caution, surveillance électronique pour prévenir la fuite

Taipei District Prosecutors Office announced the conclusion of the investigation into the ACE major exchange collusion and fraud case in April this year, with 32 defendants prosecuted, including three main suspects: Lin Ruoqiao, Pan Yizhang, and Lin Genghan, who have attracted particular attention. After a second detention hearing, Lin Ruoqiao’s bail was adjusted to 30 million yuan, with Pan Yizhang and Lin Genghan totaling 58 million yuan. The three are also required to wear electronic ankle monitors for surveillance.

From 800 million fraud to 2.2 billion money laundering — How big is the ACE case?

Prosecutors accuse the fraud ring of selling virtual currencies such as MOCT, CSO, FITC, NFTC since 2019, through false investment white papers, sales via ACE and ProEx exchanges, establishing IMBA direct sales teams, and publishing fake news online to manipulate currency prices. This wave of scams has caused over 1,500 victims, with fraud amounts approaching 800 million yuan, and the money laundering scale astonishingly reaching 2.2 billion yuan.

After the case was transferred to the Northern District Court, the court initially ordered 10 people to post bail, but Lin Ruoqiao, Pan Yizhang, Lin Genghan, and the mastermind Lin Genghong remained in detention. Prosecutors demanded sentences exceeding 20 years for these four individuals, showing a tough stance.

Bail rejected in the first trial, why did Lin Ruoqiao and others see their bail doubled in the second?

As the case proceeded, with detention periods nearing expiration, the court conducted a re-examination of the detention status of the main suspects during the process. Lin Ruoqiao, Pan Yizhang, and Lin Genghan all denied guilt but agreed to electronic monitoring. The first panel of the Northern District Court found no necessity for detention and set bail at 16 million yuan for Lin Ruoqiao, 15 million yuan for Pan Yizhang, and 2 million yuan for Lin Genghan.

However, the prosecution was dissatisfied and appealed to the High Court. They questioned why the original court did not specify how bail would prevent flight or reoffending, emphasizing that the case involved 1,574 victims and nearly 1 billion yuan in fraud, with high civil claims and strong flight risk. The prosecution also pointed out that Lin Ruoqiao and others denied crimes, with inconsistent statements and witness evidence, and that releasing them before cross-examination could easily lead to collusion with witnesses or co-conspirators.

The High Court, upon review, found errors in the original court’s assessment of evidence and noted that the estimated fraud proceeds involved approximately 796.73 million yuan, with money laundering reaching 2.258 billion yuan. Given their central role, bail amounts needed to be reconsidered according to proportionality principles. The case was thus remanded to the Northern District Court for further review.

Technological monitoring, scheduled check-ins — How does the court prevent the suspects from fleeing?

After the second detention hearing, the panel recognized that the defense attorneys for Lin Ruoqiao, Pan Yizhang, and Lin Genghan had submitted complete responses and opinions on evidence, and had requested investigation evidence within the deadline. The progress of the proceedings was notably different from initial detention. The panel also observed that the three showed a “positive attitude towards facing the litigation,” and their flight risk was “slightly reduced.”

Since the suspects agreed to cooperate with technological monitoring, the court decided to maintain bail but significantly increased the bail amounts. The final rulings included:

• Lin Ruoqiao’s bail adjusted to 30 million yuan (an increase of 14 million from the first trial)
• Pan Yizhang’s bail adjusted to 20 million yuan (an increase of 5 million)
• Lin Genghan’s bail adjusted to 8 million yuan (an increase of 6 million)

In addition to raising bail, the court required the three to check in daily via their personal phones, refrain from contacting witnesses or other defendants, continue restrictions on leaving the country, and be subject to electronic monitoring. Violations would result in re-detention.

How much did Pan Yizhang, Lin Ruoqiao, and Lin Genghan each pay? Summary of the final rulings

The final bail conditions for the three defendants are as follows:

Additionally, ACE’s former CEO Wang Chenhuan (a well-known lawyer) pleaded guilty in May of the same year, with a bail of 8 million yuan, wearing an electronic ankle monitor for 8 months, and restrictions on leaving the country and residence.

The cases of Lin Ruoqiao and others remain subject to appeal, and subsequent judicial developments continue to attract attention. This case involves virtual currency fraud, organized crime, and money laundering, and is regarded as one of Taiwan’s largest scam cases to date.