ACE Fraud Case Reopens for the Second Time | Main Suspects Lin Ruoqiao and Two Others Post Bail of 58 Million with Electronic Monitoring to Prevent Escape

Taipei District Prosecutors Office announced the conclusion of the investigation into the ACE Major Exchange conspiracy case involving collusion and fraud this April. Thirty-two defendants have been indicted, including three main suspects: Ruoqiao Lin, Yizhang Pan, and Genghan Lin. After a second detention hearing, Ruoqiao Lin’s bail was adjusted to NT$30 million, with Pan Yizhang and Genghan Lin totaling NT$58 million. The three are also required to wear electronic ankle monitors for surveillance.

From 800 million fraud to 2.2 billion money laundering—How big is the ACE case?

Prosecutors accuse the fraud ring of using virtual currencies such as MOCT, CSO, FITC, and NFTC since 2019, by writing false investment white papers, selling through Major and ProEx exchanges, establishing IMBA direct sales teams, and publishing fake news online to manipulate prices. This wave of scams has affected over 1,500 victims, with fraud amounts approaching NT$800 million, and the money laundering scale astonishingly reaching NT$2.2 billion.

After the case was transferred to the Northern District Court, the court initially ordered 10 people to post bail, but Ruoqiao Lin, Yizhang Pan, Genghan Lin, and the mastermind Lin Genghong remained in detention. Prosecutors demanded sentences exceeding 20 years for these four, taking a tough stance.

Why was bail denied in the first trial but doubled in the second?

As the case proceeded, with detention periods nearing expiration, the court conducted a review of the detention status of key suspects during the process. Ruoqiao Lin, Yizhang Pan, and Genghan Lin all pleaded not guilty but agreed to electronic monitoring. The first panel of the Northern District Court found no necessity for detention and set bail at NT$16 million for Lin, NT$15 million for Pan, and NT$2 million for Genghan.

However, the prosecution was dissatisfied and appealed to the High Court. They argued that the original court failed to explain how bail would prevent flight or reoffending, especially given the high number of victims (1,574), fraud amount close to NT$1 billion, and the high risk of flight due to potential civil claims. The prosecution also pointed out that the three suspects denied crimes, their statements conflicted with witness evidence, and releasing them before cross-examination could lead to tampering with witnesses or co-conspirators.

The High Court, upon review, found errors in the original evidence assessment and noted that the estimated fraud proceeds involved approximately NT$796.73 million, with money laundering reaching NT$2.258 billion. Given their central roles, the bail amount needed to be reconsidered according to proportionality principles. The case was remanded to the Northern District Court for re-judgment.

Technology monitoring and regular check-ins—How does the court prevent the suspects from fleeing?

After a second detention hearing, the panel recognized that the defense attorneys for Lin, Pan, and Genghan had submitted complete responses, expressed opinions on evidence admissibility, and requested investigation evidence within the deadline. The proceedings showed a different attitude compared to initial detention. The panel also believed that the suspects demonstrated a “positive attitude toward facing the trial,” slightly reducing the likelihood of flight.

Since the suspects agreed to electronic monitoring, the court decided to maintain bail but significantly increased the bail amounts. The final rulings included:

• Ruoqiao Lin’s bail increased to NT$30 million (an increase of NT$14 million from the first trial)
• Yizhang Pan’s bail increased to NT$20 million (an increase of NT$5 million)
• Genghan Lin’s bail increased to NT$8 million (an increase of NT$6 million)

In addition to raising bail, the court required the suspects to check in daily via their personal phones, avoid contact with witnesses or other defendants, continue restrictions on leaving the country, and be under electronic surveillance. Violations would result in re-detention.

How much did Yizhang Pan, Ruoqiao Lin, and Genghan Lin each pay? An overview of the final judgment

The final bail conditions for the three defendants are as follows:

Additionally, ACE’s former CEO Wang Chenhuan (a well-known lawyer) pleaded guilty in May of the same year, with a bail of NT$8 million, wearing an electronic ankle monitor for 8 months, and restrictions on leaving the country and residence.

The cases of Ruoqiao Lin and others are still subject to appeal, and subsequent judicial developments continue to attract attention. This case involves virtual currency fraud, organized crime, and money laundering, and is regarded as one of Taiwan’s largest scam cases to date.