A man claiming to be the mythical "Long Wang (dragon king)" allegedly convinced more than 60 women to strip to rid themselves of bad luck, reported Kwong Wah Yit Poh.
The Taipei man, in his 30s, managed to convince the women that he could bring them good fortune by writing a "charm" on their naked bodies.
All the women, believed to be his followers, paid him between TW$2,500 (S$109) and TW$20,000 as a "monthly contribution".
The man, who claimed to have learned black magic in Thailand, reportedly earned up to TW$300,000 a month.
To expose the scam, a reporter known only as Bei Er disguised herself as a breast cancer patient and sought his help early this year.
In her article, she said she was told to bathe herself before the man walked into the bathroom and helped to rub her back and chest.
He then told her the charm should be written on her body and that it would take effect with the help of blood circulation.