Taipei, The Taipei District Prosecutors Office on Friday indicted three people for violating the Banking Act after they were caught illegally operating an underground money transfer network targeting migrant workers from the Philippines.
Among the indicted are a Taiwanese national surnamed Yang (楊) who operates an overseas manpower agency and import and export business based in Taipei and his employee surnamed Chen (陳).
Also indicted is the Taiwan branch manager of a Philippine money transfer company, also surnamed Chen.
In 2017, the three began offering illegal money transfer services to migrant workers and more recently to overseas Taiwanese businesses as well, the prosecutors said, adding that their operations have generated profits of some NT$400 million (US$12.28 million) through exchange rate differences.
Meanwhile, the prosecutors said they have issued a warrant for the arrest of another fugitive surnamed Wang (王), who has been in hiding in the Philippines since local authorities began investigating the case in January last year.
Source: Focus Taiwan News Channel