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Shanghai, Taiwan police bust phone fraud ring

SHANGHAI police announced this morning they have busted a major telecom fraud ring and detained 37 suspects.

The ring, led by a suspect surnamed Luo, operated from Taiwan and made fraud phone calls via the Internet. Since last year, they have cheated 10 mainland victims out of more than 6 million yuan (US$961,300), said the Shanghai Public Security Bureau.

A Shanghai man surnamed Gao got a call from a woman last October saying someone had stolen his identity to do money laundering and he should move his savings to a "secure account" provided by the police. Gao believed the woman and transferred 2 million yuan (US$320,400) to a bogus account, police said.

Shanghai police found Gao's money was later spread to more than 300 accounts and was cashed out from ATM machines in Taiwan.

After one year's joint investigation, Shanghai police and Taiwan police launched the crackdown last Thursday, nabbing 26 suspects in Taiwan and 11 in Guangdong, Guangxi and Hunan provinces.


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