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Taiwan Indicts Billionaire Accused of Operating Huge Unlawful On-line Playing Empire | Bet-Now
  • Wed. Jul 28th, 2021

Taiwan Indicts Billionaire Accused of Operating Huge Unlawful On-line Playing Empire

ByBet-Now

Mar 4, 2021

Posted on: March 3, 2021, 03:58h. 
Final up to date on: March 3, 2021, 04:32h.

Philip Conneller Learn Extra

Taiwanese authorities have indicted the billionaire chairman of Taichung-based firm Xinliwang Worldwide Holdings on expenses of unlawful playing and cash laundering.

A picture purported to indicate the arrest of Taiwanese billionaire Chuang Chou-wen (entrance heart). (Picture: CNA)

Chuang Chou-wen and 31 of his workers are accused of working an enormous on-line playing empire. It includes 532 on-line playing websites and 54 on-line playing system suppliers, largely serving gamblers on the Chinese language mainland.
In keeping with the indictment, Chuang’s Xinliwang Group owns a complete of 12 corporations that collectively operated a platform known as “GPK bet” since 2014. In that point, the operation processed a minimum of US$4.43 billion in bets, yielding income of greater than US$2.13 billion, prosecutors stated.
A lot of the cash was moved by a community of 843 dummy accounts in China, whereas underground banks have been used to switch batches of income again to Taiwan. Chuang can be charged with evading almost US$10 million in taxes.
Fugitive Billionaire
When, in August 2020, investigators adopted the cash path to the Xinliwang Group and raided the corporate’s headquarters, Chuang fled.
Appearing on a tipoff, Tawain’s Central Investigation Bureau traced the 50-year-old billionaire to a protected home in Changhua Metropolis, simply to the south of Taichung.
Prosecutors subsequently seized all belongings discovered underneath Chuang’s title to forestall him from liquidating any felony proceeds previous to his trial. These included 41 properties, 13 luxurious vehicles, and US$43 million in New Taiwan {dollars}.

Chuang beforehand gained media consideration in Taiwan for purchasing a personal jet, a Gulfstream G650ER, for roughly US$11 million. Understandably thought-about a flight threat, he has been detained since his arrest in November 2020.

Royal Titles
On the Xinliwang Group’s web site, Chuang is listed as the corporate’s chairman and CEO, and is described as a “businessman, investor, philanthropist, engineer, and expertise entrepreneur.” He’s additionally a “licensed worldwide funding analyst” with three PhDs.
These investments overseas appear to have paid off. Moreover, the location claims he holds the title of “Raja of Ubud Royal Palace in Indonesia,” in addition to “Okhna,” the very best honorary title that may be bestowed on a civilian by the King of Cambodia. He’s additionally “Tan Sri,” a title conferred by the King of Malaysia.
Xinliwang Group’s enterprise “primarily focuses on cities with nice growth potential,” in accordance with the web site. “By way of numerous funding cooperation alternatives, it develops large-scale actual property initiatives together with residential, resort, retail and business properties.”
The Xinliwang Group has beforehand launched a press release declaring Chuang’s innocence.
Regardless of their stark political variations, there’s one level that mainland China and Taiwan agree on: playing is strictly prohibited.
Beijing has in recent times redoubled its efforts to crack down on cross-border playing operators focusing on Chinese language residents. However The China Put up has reported that regulation enforcement companies from the Individuals’s Republic and Taiwan have been cooperating within the combat towards unlawful playing since 2013.

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