Taiwan couple on the run over NT$4 billion fraud arrested in Thailand

Bangkok, June 28 (CNA) A fugitive Taiwanese couple indicted over a NT$4 billion (US$128.84 million) investment fraud more than 20 years ago was arrested in Bangkok last week, Thai police announced Wednesday.

Chen Chih-tsan (陳智燦), 64, and his wife Liu Mei-hsueh (劉美雪), 57, who fled Taiwan in 2001, are accused of soliciting investments for the fictitious “Richmond Bank” — a supposed subsidiary of the similarly nonexistent “Europe Geneva Corporation,” Thai police said at a press conference.

According to the authorities, the couple fled Taiwan in 2001 after telling their over 4,000 investors the fake firm’s bank accounts in Latvia had been frozen and that the company was shutting down.

After a subsequent Ministry of Justice Investigation Bureau (MJIB) probe found that neither Richmond Bank nor Europe Geneva Corporation existed, Chen and Liu were placed on a wanted list by…