Founders of Fraudulent Money Lending Platform Sentenced to Over Decade in Jail
The founders of fraudulent lending platform im.B have each been sentenced to more than a decade in jail. They were found to have embezzled hundreds of millions of dollars by faking lending activity and covering interest payments with money from new investors.
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00:00The founders of a fraudulent online money lending platform have been handed jail sentences.
00:06The Taipei District Court found that the two defendants defrauded customers while misappropriating
00:11hundreds of millions of dollars.
00:13They were each sentenced to more than a decade in prison.
00:16IMB, the lending platform they set up in 2015, promised its investors high returns.
00:22But behind the scenes, they were faking lending activity and covering interest payments with
00:27money from new investors.
00:29The 29 people found to be involved in the scheme were handed sentences of between one
00:34and eight years.
00:35One of them had previously been an advisor to Taiwan's executive branch.