Chinese Zhejiang Province: 3 Million RMB Virtual Currency Telecom Fraud Case Cracked, Funds Fully Recovered

BlockBeats News, December 19th, according to CCTV News, the Public Security Bureau of Yueqing City, Zhejiang Province, China, uncovered a virtual currency telecom fraud case. The suspects induced victims to invest 3 million yuan to purchase virtual currency, and used the excuse of "a large amount requiring offline transactions" to persuade the victims to hand the money to a so-called "money exchanger." They even coached the victims in advance on how to respond to police inquiries. In reality, the so-called virtual currency platform was completely fake, and the accounts were unable to withdraw funds.

It is reported that the 3 million yuan in cash has been recovered. Two suspects involved in the scheme have been taken into custody through criminal coercive measures, and the case is under further investigation.