The 3 Million RMB Zhejiang Virtual Currency Telecom Fraud Case Cracked, Police Recovered Funds in Just Two Hours

BlockBeats News, December 19th, according to CCTV News, the Public Security Bureau of Yueqing City, Zhejiang Province, China, cracked a virtual currency telecommunications fraud case. The suspects induced the victims to invest 3 million yuan to purchase virtual currency, and under the pretext of "a large amount requiring offline transactions," they persuaded the victims to hand the money to the so-called "liquidity provider." They even coached the victims in advance on how to respond to police inquiries. In reality, the so-called virtual currency platform was entirely fraudulent, and the accounts could not withdraw funds at all.

According to reports, the police in this case recovered the funds within two hours, and 2 involved "wheelmen" have been criminally detained in accordance with the law. The case is currently under further investigation.