China’s Shaanxi Province Cracks Crypto Fraud Scheme, Arrests Four Despite Crypto Ban
Mainland China, known for its stringent regulations on cryptocurrencies like Bitcoin, continues to face challenges with crypto investment frauds. Despite the nation’s comprehensive crypto ban, fraudulent activities persist.
According to local news agency Baidu , on July 31, law enforcement in the Chinese province of Shaanxi successfully dismantled a crypto fraud scheme, arresting four suspects. The alleged fraudsters deceived the victim, identified as Wang, out of 410,000 Chinese yuan (approximately $56,800).
On July 27, the Public Security Bureau of Jingbian County, Yulin, successfully cracked a significant virtual currency investment fraud case, arresting four suspects involved in the scam valued at 410,000 yuan.
The investigation began on July 16, 2024, when the victim, identified as Wang, reported to the police that he had been defrauded of 410,000 yuan through an online virtual currency investment.
He recounted being lured into the investment by individuals he met online who claimed they knew a system loophole that guaranteed profits from crypto.
Following Wang’s report, the Criminal Investigation Brigade swiftly initiated an inquiry into the case. Through multiple visits and thorough analysis, the authorities managed to identify the suspects.
The swift action of the police led to the arrest of suspects Zhai and Li in Zhengzhou City, Henan Province, on July 23.
Subsequently, suspect Wang and another individual named Li were apprehended in Kaifeng City, Henan Province, on July 25.
The four suspects are now criminally detained on fraud charges, and the case is under further investigation.
The investigation revealed that in July 2024, the victim, Wang, was persuaded to invest in virtual currency through an
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