Shanghai police dismantled a virtual currency fraud gang that earned high fees through a fake trading platform

ChainCatcher news, recently, the Yangpu police in Shanghai successfully solved a virtual currency contract trading fraud case after meticulous investigation, dismantling a fraud gang of 16 people, with an involved amount of over 300,000 yuan.

During the interrogation, the suspects confessed to their criminal activities without hesitation. Based on the preliminary investigation, the special investigation team fully grasped the modus operandi of the criminal gang, which involved three individuals, Yang and Yu, posing as "investment masters" to infiltrate various virtual currency investment group chats, directing those interested in investing to a fabricated trading platform they set up. They exploited the victims' psychology of wanting to "make quick money" by inducing them to conduct multiple transactions to earn high fees. Subsequently, they misled the victims into raising their investment "profit and loss ratio," making them mistakenly believe that their investment failures were due to their own misjudgment of the market, thereby defrauding them of their money.

Currently, Yang and Yu, along with 16 other suspects, have been subjected to criminal coercive measures by the Yangpu police for suspected fraud, and the case is under further investigation. (Xinmin Evening News)