Taiwanese authorities have issued an arrest warrant for Chung Wen-chih (鍾文智), a businessman convicted of securities fraud who fled just one day after the Supreme Court upheld his 30-year prison sentence. Chung, who manipulated depositary receipts to gain over NT$441.32 million (US$13.36 million), disappeared on March 13 after being released on NT$70 million (US$2.12 million) bail.

The case has sparked widespread criticism over Taiwan’s bail system, particularly concerning the decision to remove Chung’s electronic monitoring device months before his sentencing. Law enforcement agencies, including the Taipei District Prosecutors Office, Investigation Bureau, and Coast Guard Administration, are now working together in a nationwide manhunt to capture the fugitive.

Background of the Case

Chung Wen-chih’s criminal activities date back to 2020, when he was found guilty of manipulating the stock market through depositary receipts, a financial instrument used by foreign investors to trade shares in Taiwan. His fraudulent schemes allowed him to amass over NT$441.32 million in illegal profits.

He was initially arrested in 2021 and granted bail for NT$50 million. His case went through multiple court appeals before the Supreme Court finally upheld his sentence on March 12, 2025. Chung was convicted of five violations of the Securities and Exchange Act, with individual sentences ranging from 39 to 118 months. His total sentence amounted to 30 years and five months, though the maximum legal prison term in Taiwan is capped at 30 years.

Chung’s Escape and Authorities’ Response

The day after his final conviction, Chung failed to report to the authorities, triggering immediate concerns about his whereabouts. Prosecutors swiftly requested a travel ban and the revocation of his passport. The Ministry of Foreign Affairs acted on this request on March 15, officially stripping Chung of his ability to leave Taiwan legally.

The Taipei District Prosecutors Office also formed a task force, working alongside the Investigation Bureau, the Criminal Investigation Bureau, and Taipei City Police to track him down. They have issued alerts to immigration authorities and coastal enforcement agencies to prevent Chung from escaping by sea.

Controversy Over Bail and Monitoring Removal

One of the most contentious aspects of this case is the decision made by the Taiwan High Court in October 2024 to remove Chung’s electronic monitoring device. Initially, he was required to wear the device from October 2023 to October 2024. However, in a controversial ruling, the court allowed the removal on the condition that Chung paid an additional NT$20 million in bail on top of his original NT$50 million.

The court defended its decision, stating that Chung had consistently reported to the police between 2023 and 2024 and that the extra bail money was expected to deter him from absconding. However, critics argue that this leniency enabled his escape and have called for a reevaluation of Taiwan’s bail system in high-profile financial crimes.

Ongoing Manhunt and Speculated Whereabouts

According to local media outlet Mirror Media, Chung is believed to be hiding in northern Taiwan while waiting for an opportunity to flee the country. Law enforcement officials have increased monitoring at airports, seaports, and private docks to prevent any potential escape attempt.

The Taipei prosecutors office has stated that it will reassess current legal measures to ensure similar cases do not occur in the future. It will also submit a report to the Supreme Prosecutors Office with recommendations on improving bail restrictions for high-risk individuals convicted of financial crimes.

Chung’s case highlights the challenges in enforcing financial crime sentences in Taiwan, particularly when suspects are given significant freedom before serving their sentences. The coming days will be critical in determining whether law enforcement can successfully capture Chung before he disappears for good.

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