Chester Car Scam Risk Exposed! The 2% Monthly Interest "Principal Protected" Investment Plan Hides a Trap

Famous car YouTuber Chester Car has recently faced scrutiny from netizens for recommending a questionable investment scheme on social media, raising suspicions of Chester Car’s involvement in fraudulent activities. This incident has once again thrust the influencer, who has over 100,000 subscribers, into the spotlight and sparked doubts about his background and investment abilities.

Suspicion Arises from IG Stories Recommendation, Red Flags Resemble Ponzi Scheme

Recently, Chester Car publicly recommended an investment scheme on IG Stories, promising “2% monthly, 24% annual interest, fixed bonuses, and principal protection,” with a minimum investment threshold of 500,000 TWD. While claiming the investment targets were rare luxury watches, the phrasing closely aligns with classic Ponzi scheme characteristics.

Netizens quickly pointed out the flaws in the investment promises. An annualized return of 24% far exceeds reasonable market levels, combined with promises of “principal and interest protection,” fixed monthly payouts, and the ability to withdraw at any time, which is almost a standard recipe for a scam. Many voices of doubt directly stated, “It clearly looks like a Ponzi scheme,” and “This is a pyramid scheme.” Even though Chester Car emphasized “it’s not a scam,” it instead raised more suspicions.

Controversial YouTuber’s Past Remains a Mystery, Involved in Gun Incident and Cryptocurrency Turmoil

Chester Car’s real name is Yang Zhenglun, a content creator in the automotive field known for car unboxings, test drives, and educational content. However, his background is much more complicated than it appears.

In 2017, Yang Zhenglun encountered a shocking incident—he was the only survivor of the Zhongli shooting. At that time, a gunman stormed into an underground betting company, killing two men and a woman, before committing suicide during a police chase. Police investigations revealed that Yang Zhenglun co-managed several betting data websites with one of the victims, Yin Shouting, and he was merely there to chat that day, becoming an innocent victim. This history has long associated him with the stigma of “fraud” and “gambling.”

Even more notable is his publicly shared investment experience. In a 2023 interview, Chester Car admitted to losing hundreds of thousands of TWD when he first encountered cryptocurrency in 2016 because he fell into a Ponzi scheme and became “the last one to exit.” He later turned to studying Ponzi techniques, earning 60 to 70 million TWD by investing in mining operations, and also saw considerable success with Ethereum investments. It is this experience of “making a fortune through cryptocurrency trading” that has given him the “confidence” to promote investment schemes now.

It is worth noting that Chester Car claimed in April this year to have reported several defamers to the police, stating that most criticisms on social media come from fake accounts, trying to reverse his image. Now, once again drawing controversy due to his investment recommendations, it raises questions about whether there is a pattern.

Violating Banking Law Could Lead to 10 Years in Prison, Fraud Reporting Channels Activated

Whether Chester Car’s investment recommendation is illegal involves Taiwan’s Banking Law Article 29-1. This article stipulates that anyone who collects funds from multiple people or unspecified individuals under the pretense of loans, investments, shareholders, or other titles, while promising dividends, interest, or returns that are “clearly disproportionate” to the principal, will be charged with “the crime of receiving deposits.”

According to the explanation by Yongran Law Firm, only lawfully organized banks are allowed to engage in deposit-taking activities. Violators may face imprisonment of 3 to 10 years, and if the fraudulent gains exceed 100 million TWD, the imprisonment could be increased to over 7 years.

Does Chester Car’s investment scheme constitute fraud? Currently, due to the lack of victims coming forward and the police not actively intervening, it cannot be objectively determined. However, if the public encounters similar suspected fraudulent information, they can report it through the “Internet Fraud Reporting Inquiry App” launched by the Ministry of Digital Affairs, and the government will initiate an investigation process.

Experts remind that any investment promising annualized returns exceeding 15% should raise red flags. The controversy surrounding Chester Car’s alleged fraud once again reminds investors that fame does not correlate with investment ability, and high promised returns often conceal high risks or even fraudulent traps.