A ring of developers in Taoyuan are being charged after investigators say they created fake real estate transactions to take in over US$20 million in fraudulently obtained loans.
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00:00Prosecutors in Taipei are charging 17 people with fraud over a scam involving fake real
00:05estate transactions.
00:07The people are suspected of creating false contracts for development projects in Taoyuan.
00:12These allowed them to inflate the value of the projects and fraudulently obtain bank
00:16loans worth more than 20 million U.S. dollars.
00:20Prosecutors say the scam affected over 100 homes and businesses.