On January 5, according to the official WeChat account of the Beijing Courts, the Beijing Higher People's Court released five typical cases of punishing telecommunications and online fraud in accordance with the law. Among them, a cross-border telecommunications and online fraud case involving virtual currency investment was disclosed. The defendant, located in Chaoyang District, Beijing, used overseas chat software to invite others to purchase virtual currency and invest in designated platforms to commit fraud, and then transferred the proceeds of the fraud through virtual currency.
An investigation revealed that the gang defrauded victims of over US$900,000 (equivalent to over RMB 5 million). Based on objective evidence such as the company's payroll and performance records, the court accurately determined the amount of fraud and sentenced Liu to twelve years in prison for fraud, along with a fine.
