The People’s Court of the Economic Development Zone of the Chinese city district of HECZE sentenced nine residents of the country to prison terms for fraud and theft of $ 6 million from Indian investors.

More than 66,800 inhabitants of India became victims of crypto -mesh. The scammers made acquaintances with foreigners, gained confidence, and then lured them out of money under the pretext of investment in crypto assets through a fake platform called Senee.

He Moutian formed a fraudulent group and opened an office in HECZE in May 2023. Attackers published fake photos of a luxurious lifestyle, and also created a site where fake licenses and registration certificates were presented.

Fraudsters used foreign servers, introducing themselves to large investors. In chats, they talked about a high monthly profit from 8% to 15% even from small investments. However, as soon as people increased the amount of investments, their funds were frozen.

The stolen money was used to purchase through a third -party payment platform of USDT stablecoins, which were then converted into Chinese yuan or US dollars.

The court sentenced all nine participants in the scheme to imprisonment for a period of 5 to 15 years and a fine. Despite the fact that the scheme was oriented mainly on the inhabitants of India, the court called on the public not to believe the promises of easy money and not rely on insider advice, as this may be fraud.

At the beginning of the year, China’s authorities equated the trade in crypto -fuses with illegal gambling, and agents and employees of cryptocurrency exchanges – to accomplices in the management of illegal casinos.