Ten people have been indicted in Taiwan for allegedly defrauding investors of nearly NT$2 trillion (US$65 million), in part through a scheme involving a wine-themed investment fund, according to local media reports.
The main suspect, a 51-year-old man surnamed Lee, claimed he was authorized to sell investment funds in Taiwan on behalf of Hong Kong-based Best Leader Financial Group.
The company allegedly sold two types of mutual funds, one of which, called the “Best Leader Global Fine Wine program,” included investments in the global wine sector, premium wines, top wineries, and blockchain platforms.
Lee claims that high-profile celebrities such as David Beckham, NBA star Yao Ming, Carina Lau and Zhao Wei are investors in the fund, which promises returns of 9.5% to 13.5% every six months.
Notably, the aforementioned celebrities are actually connected to the wine industry. David Beckham has been known to spend millions on fine wines, and retired NBA star Yao Ming owns Yao Family Wines in Napa. Hong Kong socialite Carina Lau has a Bordeaux wine collection, while Zhao Wei owns several Bordeaux estates, including Château Monlot, a Saint-Emilian Grand Cru winery.
It’s not immediately known if they are connected to the fund.
Prosecutors said that between 2015 and 2022, Lee and nine other employees of his company used the two mutual funds to swindle clients out of 1.8 trillion yuan by promising steady returns.
An investigation was launched after some customers reported to police that they never saw a return on their investment.
