Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 13284
Markets: 100679
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
America's Social Casino

Market Cap
24h Vol
13284
Cryptocurrencies
62.39%
Bitcoin Share
coinpedia 2025-04-14 07:42:37

Chinese Fraudsters Jailed for Defrauding Indians of $6M in Crypto Investment Scam

Chinese Fraudsters Jailed for Defrauding Indians of $6M in Crypto Investment Scam

The post Chinese Fraudsters Jailed for Defrauding Indians of $6M in Crypto Investment Scam appeared first on Coinpedia Fintech News A local court in China recently sentenced nine Chinese fraudsters to prison terms over defrauding Indians of about $6 million through USDT fraud. Notably, the scheme involved using translation and chat software to befriend foreigners, gain their trust and trick them into investment by defrauding their money. Over 66,000 Indians Fell To the Scam The case handled by the People’s Court of Heze Economic Development Zone in Shandong Province involved a total of 517 million Indian rupees which is about 40 million RMB targeting 66,800 Indians. The nine fraudsters were sentenced to prison and fined for their involvement in the large-scale scam targeting Indians. He Moutian was the mastermind behind the scam. In May 2023 he set up an office in Heze, China and formed a fraud gang with several other people. The group used overseas servers, appeared to be large investors, and targeted Indians through a fake investment platform called SENEE. Scammers Promised 8%-15% Returns, Stole Millions for USDT Conversion They pretended to be friendly investors on chat apps, offering high monthly returns of 8%-15% on smaller investments like 1,000 rupees. Once people put in larger sums of money, the gang would shut the platform and freeze the funds. The stolen money was then used to buy USDT through a third-party payment platform which was later converted into RMB or US dollars, with the group keeping 15% as profit. Scammers Used Fake Identities and Coordinated Closely One of the scammers, Li Mouwang, admitted to pretending to be a rich Indian woman who made money through smart investments. She used chat apps to build trust and fake relationships with Indian men and lured them into investing in the fake SENEE fund. Furthermore, the gang also posted fake lifestyle photos like gym selfies and travel pics and also set their app location to Indian cities. A fake company website with edited licenses, registration certificates and business documents was also created to make the investment platform seem genuine and gain customer trust. The court found that the group was highly organised with clear roles and tight coordination. All the nine members were sentenced to 5 to nearly 15 years in prison and fined. The Judge noted that although this case targeted foreigners, however online scams are common inside China too. It warned the public to not fall for promises of easy money, special insider tips or cashbacks for placing orders as they are all signs of scams. The authorities are increasingly cracking down on telecommunications network fraud and the judge has urged the fraudsters to surrender for lighter punishment.

Most Read News

https://www.digistore24.com/redir/325658/ceobig/
Market Cap
24h Vol
62.39%
Bitcoin Share
0
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.