Shanghai police smashed a virtual currency fraud gang that earned high fees through fake trading platforms

CoinRank News: Recently, after careful investigation, the Yangpu police in Shanghai successfully cracked a virtual currency contract transaction fraud case and smashed a 16-member fraud gang, involving more than 300,000 yuan. After interrogation, the suspects all confessed to their crimes. Combined with the previous investigation, the task force fully grasped the modus operandi of the criminal gang, that is, Yang, Yu and other 3 people sneaked into various virtual currency investment chat groups as investment masters and diverted people with investment intentions in the group to the fake trading platform they built. Taking advantage of the victims quick money mentality, they induced them to make multiple transactions to earn high fees. Subsequently, by inducing the victim to increase the profit and loss rate of the investment, they mistakenly believed that the investment failed due to their own misjudgment of the market, in order to defraud the victims money. At present, Yang, Yu and other 16 criminal suspects have been taken criminal compulsory measures by the Yangpu police in accordance with the law for suspected fraud, and the case is under further investigation. (Xinmin Evening News)