Ten individuals have been indicted in Taiwan for allegedly defrauding investors of nearly NT$2 trillion (US$65 million), partly through a scheme involving a wine-themed investment fund, according to local media reports.
The primary suspect, a 51-year-old man surnamed Lee, claimed that he was authorized to sell mutual funds in Taiwan on behalf of the Hong Kong based Best Leader Financial Group.
The company allegedly sold two types of mutual funds, one of which called ‘Best Leader Global Fine Wine program’ involved investments in global wine sector, premium wines, top wineries and blockchain platforms.
Lee claims high-profile celebrities such as David Beckham, NBA star Yao Ming, Carina Lau, and Zhao Wei are investors in the fund, and it promises returns from 9.5% to 13.5% every six months.
Notably, the celebrities mentioned are indeed connected to the wine industry. David Beckham is known to splurge millions in fine wines, and retired NBA star Yao Ming owns Yao Family Wines in Napa. Hong Kong celebrity Carina Lau has a Bordeaux wine collection, while Zhao Wei owns a few Bordeaux estates including château Monlot, a Saint-Emilian Grand Cru winery.
It’s not immediately known if they are involved with the fund.
According to prosecutors, between 2015 and 2022, Lee and nine other employees working at his company scammed clients NT$1.8 trillion using the two mutual funds, promising steady returns.
A probe was launched after a few clients reported to police that they never saw a return from their investment.
