ACE Exchange CEO and former managing partner of Chien Yeh & Wang Law Offices, Wang Chenhuan, who was previously involved in a cryptocurrency scam, has been exposed by the media today regarding more spicy details of the investigation process. The investigation suspects that the Thailand branch established by Chien Yeh at the beginning of the year is related to the fraud group and that “the supernatural lawyer” Wang Chenhuan, who is suspected of money laundering, has become a key focus of the investigation.
At the beginning of this year, ACE, one of Taiwan’s three major cryptocurrency exchanges, was implicated in a cryptocurrency scam. The illegal gains of the fraud group exceeded 1 billion New Taiwan Dollars over the past three years, shocking not only the cryptocurrency industry but also the legal profession in Taiwan.
ACE co-founder and former chairman Pan Yizhang was arrested earlier, and Wang Chenhuan, who took over as ACE CEO and head, as well as the former managing partner of the top law firm Chien Yeh Law Offices, was subsequently detained and denied visitation. The prosecution found over 180 million New Taiwan Dollars in cash and over 290 million New Taiwan Dollars in cryptocurrency under his name, totaling 470 million New Taiwan Dollars in illegal gains.
Today, Mirror Weekly revealed more shocking details about Wang Chenhuan’s transformation from a successful lawyer to an accomplice in money laundering for the fraud group. This includes hiding large amounts of stolen money in a retreat in Yilan, which became the first case of money laundering using religion in Taiwan. Furthermore, the prosecution accidentally apprehended Lin Genghong, the head of the fraud group who had been on the run for 2 years, in Wang’s luxurious residence.
Mirror Weekly reported that Wang Chenhuan, who is currently the head of Chien Yeh Law Offices and ACE CEO, established the overseas branch of Chien Yeh in the financial district of Bangkok, Thailand, in January. The English name of the branch is “CHIEN YEH & WANG LAW OFFICES.”
According to the investigation, Wang Chenhuan started preparing for the branch in the third quarter of last year, coinciding with his appointment as ACE CEO in September. He often boasted that the Bangkok branch was “established with his own funds.” Therefore, the investigation suspects that the Bangkok branch may be related to the fraud case and may have become a base for fraud established by Wang in Thailand. The source of funds for the Thailand branch has become a key focus of the investigation.
Wang Chenhuan, who graduated from the law department of National Taiwan University, became the head of Chien Yeh Law Offices at a young age of just over 40. He also served as the president of the professional legal publication “Contemporary Law” and frequently published legal opinions in journals. He had a professional and fresh image. At the beginning of the year, he was invited to host a virtual currency legal seminar. However, after being arrested, the organizer had to find a replacement urgently, and Chien Yeh Law Offices quickly cut ties with Wang, removing all introductions about him from their website.
According to reports, Wang Chenhuan, who was hailed as an “exemplary lawyer,” ultimately fell into the hands of prosecutor Chen Wenjin, who was 8 months pregnant at the time. In the case, 12 people have been detained so far. During the second wave of operations, the prosecution found nearly 50 million New Taiwan Dollars in cash at Wang Chenhuan’s residence, with banknotes scattered everywhere in the hallway cabinet.
The investigation team discovered that Wang Chenhuan, who came from a civil servant family, had an annual salary of nearly 10 million New Taiwan Dollars. He often drove a Maserati luxury car, and in recent years, he bought six luxury homes and pre-sale houses in Taipei, New Taipei, and Taichung. Two luxury cars, including a McLaren, under Wang’s name have been confiscated by the prosecution. The investigation suspects that Wang may have another backer behind him, and he may have collaborated with the fraud group to launder black money. The investigation into the related financial flows has become a key focus.
It is worth noting that the magazine also revealed that during the search of Wang Chenhuan’s residence, the police also found the key to the luxurious mansion in Xindian, New Taipei City, where Lin Ruocuo, the mastermind of the “Qianqiao team” fraud group, was prosecuted for defrauding 220 million New Taiwan Dollars through the sale of junk coins such as IBCoin. Wang had previously served as Lin Ruocuo’s defense lawyer.
During the search of the mansion under Wang’s name in Xindian, the investigation team unexpectedly captured Lin Genghong, the head of the Qianqiao team fraud group who had been on the run for over 2 years, and who called himself the “god of the system.” Mirror Weekly’s investigation pointed out that as Lin Ruocuo’s lawyer, Wang Chenhuan must have known that his co-defendant Lin Genghong was wanted, but he violated his duty as a lawyer and helped hide Lin Genghong. The investigation team reviewed the community’s surveillance cameras and found that members of the fraud group often met there, making it seem like the headquarters of the fraud group.
After IBCoin was exposed by the police, Lin Genghong continued to use the same pyramid scheme to attract investors to invest in junk coins such as MOCT and collaborated with ACE co-founder Pan Yizhang to form a fraud group. He also sought the assistance of Wang Chenhuan in money laundering. The investigation team suspects that Wang Chenhuan saw the huge profits of the fraud group during this period and gradually replaced Lin Genghong’s role, transitioning from a defense lawyer to the head of the fraud group.
What surprised the police even more was that the fraud group organized by Wang Chenhuan was also suspected of using the retreat to hide large amounts of stolen money, creating the first case of money laundering using religion in Taiwan. The investigation team found that Lin Genghong had hidden 30 million New Taiwan Dollars in cash, obtained through fraud, in suitcases and stored them in the Lianchi Retreat in Zhuangwei, Yilan. He instructed the female abbot, Lin Shufen, to “keep this money for now.” This conversation exposed their true intentions, causing Lin Shufen and her daughter, who served as the retreat’s accountant, to be detained.
The investigation found that the Lianchi Retreat had claimed to use blockchain to create a 3D space, which could allow more people to approach Buddhism through the metaverse. Many of the believers were students or young professionals under 30 years old from outside the area. A local resident stated that the Buddhist music played at the retreat had a novel and lively style, similar to pop music, which made local people feel suspicious and doubted its connection to fraud.