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June 19, 2019

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Net investment scam: Police nab 38 suspects

Thirty-eight suspects involved in an Internet investment fraud scam have been nabbed, city police said yesterday.

The suspects allegedly entrapped people to invest in non-existent virtual currencies through a fraudulent app and rigged the software to make them lose all the invested money.

The gang, based in Shenzhen, south China’s Guangdong Province, made about 600,000 yuan (US$86,600) through the fraud, police said.

Police in Qingpu District started their investigation in January after a woman surnamed Li complained that she had lost 50,000 yuan to the fraudsters.

Li claimed that she was added to a WeChat group by a stranger and then was introduced to an app called 51bit and guided to make investments, but she ended up losing all her money.

Police found that victims like Li were invited to join groups in which all other members except the victims were fraudsters, who pretended to be investment gurus and interested investors.

The suspects were apprehended in March. Seven of them have been arrested, and others were under detention for further investigation, police said.


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