Yueqing Police Dismantle Virtual Currency Telecom Fraud, Reclaim 3 Million Yuan; Two Suspects Arrested

According to CCTV News, the Yueqing Public Security Bureau in Zhejiang Province has dismantled a virtual currency telecom fraud scheme. Investigators say suspects lured victims to invest about 3 million yuan in a sham cryptocurrency venture, then claimed that a large sum required offline transactions and directed funds to a supposed money exchanger. Victims were coached on how to respond to police inquiries. The fraudulent virtual currency platform offered no redeemable balance, and withdrawal was not possible. Authorities recovered the 3 million yuan in cash.

Two suspects are in custody under criminal coercive measures, with the investigation continuing. This cryptocurrency scam case reinforces the ongoing fraud crackdown on cryptocurrency-related schemes in China and highlights the importance of due diligence before engaging with cryptocurrency ventures.