A court in Shandong province tried a case of online fraud involving virtual currency, involving more than 40 million yuan.

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MarsBit
04-14
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Mars Finance News: On April 14, the People's Court of the Economic Development Zone in Heze City, Shandong Province, recently tried a telecommunications fraud case targeting Indians, known as a "killing foreigners" scam. The case involved a total amount of 517 million Indian rupees (approximately 40 million yuan), affecting 66,800 victims. Nine scammers were sentenced to prison terms ranging from five to fourteen years and nine months, along with fines. The scammers confessed that they met an Indian person on a chat software, introduced a network investment platform, and communicated with customers through the chat software. They used the bait of 8% to 15% monthly returns on a 1,000-rupee investment to attract Indians to invest on the platform. When a customer's investment amount exceeded the rebate amount, they would close the platform or convert it to debt-to-equity, freezing the funds. Then, they would use a third-party payment platform to purchase 'USDT' virtual currency and exchange it for yuan or dollars. After trial, the court confirmed that within just over seven months from June 1, 2023, to January 13, 2024, 66,800 Indians were defrauded of 517 million rupees. The court sentenced the nine defendants to prison terms ranging from five to fourteen years and nine months based on their positions and roles in the criminal group, and imposed additional fines.

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