Mingxiangyuan boss involved in money laundering of 25.9 billion! Created cash flow disruptions using Tether, and his Porsche was auctioned by the police.

Ming Xiang Yuan and Dongyin Kuai Dao Shou officials suspected of laundering 25.9 billion yuan, using Tether to create cash flow disruptions. Authorities have seized assets worth over 100 million yuan, and their Porsche sports car has been auctioned for 8.65 million yuan.

Ming Xiang Yuan and Dongyin officials involved in laundering 25.9 billion yuan

The Criminal Investigation Bureau recently uncovered a large-scale third-party payment laundering case, with the main suspects being Luo Yixiang, owner of the well-known Taipei Hong Kong-style restaurant “Ming Xiang Yuan Ice Room,” and Huang Xiurong, owner of the popular noodle shop “Dongyin Kuai Dao Shou.”

According to United News Network, Luo Yixiang and Huang Xiurong publicly operate highly popular dining establishments, but secretly use their self-created “Hero Pay” payment platform to launder money for Southeast Asian gambling groups. Police investigations indicate that the group handled laundering amounts totaling 25.9 billion yuan over just a few years, earning illegal profits exceeding 500 million yuan.

41-year-old Luo Yixiang recruited 39-year-old Huang Xiurong as an accountant and set up an office in a commercial building in Neihu District, Taipei. This location is commonly known as a “transfer water house,” where group members use computer programs to automate operations, specifically assisting gambling websites in China, Japan, and India with processing cash flows.

Police state that the two transferred gambling funds from overseas gamblers—such as RMB, rupees, and yen—into financial accounts, quickly moving them to second-tier accounts to conceal the flow of funds, including some proceeds from fraud crimes.

Using cryptocurrency to create cash flow disruptions, authorities seize assets worth over 100 million yuan

Further reports from Minshi News Network reveal that Luo Yixiang, to handle the massive transaction volume, disguised laundering operations under the guise of a tech company, operating a 24-hour three-shift system.

Interpol Second Division Captain Chen Sihan stated that after assisting in laundering, the profit sources are ultimately converted into Tether ($USDT) through cryptocurrency exchanges, then exchanged into New Taiwan Dollars and stored in bank safes. The decentralized nature of cryptocurrencies creates cash flow disruptions to evade detection.

To recover criminal proceeds, police launched multiple search operations, ultimately seizing bank deposits of 36.86 million yuan, Tether-based cryptocurrencies valued at 10.88 million yuan, and cash totaling 2.36 million yuan.

Additionally, on December 5 last year, police further searched four bank safety deposit boxes held by Luo Yixiang and the accountant, seizing an additional 17.73 million yuan in cash. Including real estate owned by Luo Yixiang and three vehicles, including the Porsche, the total illegal proceeds seized amount to approximately NT$130 million.

Source: Shilin Branch, Administrative Enforcement Agency, Ministry of Justice

Luo Yixiang’s Porsche auctioned, winning bid at 8.65 million

Following the arrest of the main suspect, the process of liquidating related criminal assets began immediately. The Taipei District Prosecutors Office entrusted the Shilin Branch of the Administrative Enforcement Agency to auction the seized Porsche sports car.

The latest press release from the Shilin Branch states that the vehicle is a 2025 model Porsche 911 Carrera GTS, with a new car price starting at 9.75 million yuan. It was successfully auctioned on the morning of December 30, with a winning bid of 8.65 million yuan. The proceeds will be held by the Taipei District Prosecutors Office for future confiscation or restitution to victims.

The Shilin Branch emphasized that the auction demonstrates effective cooperation between administrative enforcement agencies and prosecutors, not only depriving criminals of illicit gains but also accelerating the liquidation process of assets from fraud cases, implementing new confiscation laws, and maintaining social fairness and justice.

Further reading:
Mother Ginger Duck Shop’s entire family laundering! Handling 3 billion USDT in physical stores, a black luxury enterprise in Taiwan?