The post Taiwan Hits 33 With RICO-Like Charges for $970.3m Illegal iGaming Operation appeared first on Vegas Slots Online News.
Prosecutors in Taiwan have charged over thirty people for allegedly laundering over NT$30.6bn ($970.3m) in illegal iGaming proceeds via shadow payment processing platforms that their parent crime ring controlled.
The Taipei District Prosecutors’ Office (TDPO) revealed the news Monday, which included the indictment of the operator “of a Hong Kong-style diner” in the Taiwanese capital.
Similar to the US’s RICO playbook of indictments, the TDPO charged Ming Shiang Yuan Cafe operator Lo and 32 others with illegal online gambling, money laundering, and organized criminal activity.
payment system mimicking legal platforms such as PayPal
TDPO prosecutors claim Lo hatched the alleged scheme in Taiwan in August 2020 after purchasing the source code for a payment system mimicking legal platforms such as PayPal or Stripe, “and building apps named HeroPay and MatchPay.”
Lo is accused of partnering with illegal iGaming gambling sites operating in China, Japan, and India, routing player deposits through his two cloaked payment platforms rather than directly to the illegal gambling sites.
In June 2022, Lo’s gang launched its own iGaming site named Rich 11 that offered sports betting, online slots, and baccarat while using his HeroPay app to collect deposits.
The TDPO said that the illicit gambling funds were used to fund Lo’s lifestyle, the shadow payment sites, and as capital for other seemingly legitimate ventures, including another restaurant, Dongyin Quick Knifeman.
According to the Taipei Times, prosecutors are pushing for Lo to serve a prison term of nine-and-a-half years for his role in one of the largest underground banking busts in recent Taiwanese history.
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