Taiwanese iGaming tycoon suspected of laundering €114 million

Bail set at €1.7 million for gambling entrepreneur

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Xiao Shiyao, a gambling tycoon in Taiwan.

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Xiao Shiyao, a gambling tycoon in central Taiwan, was charged with money laundering, online gambling and other charges. Together with Wu Yixin, and 21 other members, they were prosecuted by the Chiayi District Prosecutor ’s Office yesterday morning. The detained Xiao was transferred to Chiayi District Court Opening, where the judges asked for 1.7 million euros to be paid in bail.

Xiao appointed a lawyer stating that he is one of the shareholders of a famous gambling group in Taiwan, with a 10% share. Valuables such as famous cars and jewelry were seized by the prosecutor.

The prosecution pointed out that Xiao and others established the Group with Headquarters in Taiwan Chiayi City in 2013, including game website programming, customer service, online cloud services, lottery system platforms and foreign exchange platform for operation and cash flow related business.

The group has set up gaming websites in many places in Taiwan. It has gambling systems such as the ‘lottery system, VR system’ and other gambling systems. Throughout 2018, underground Exchange Group, has successively remitted more than 486 billion to Taiwan.

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