A massive fraud operation based in China has scammed more than 66,800 Indian investors, stealing millions of dollars. Nine members of the group have now been sentenced to prison for running fake investment platforms and using false identities, laundering the stolen funds through the cryptocurrency Tether (USDT).

🕵️‍♂️ Global-Scale Fraud: Promised High Returns, Delivered Nothing

According to The Global Times, the operation was led by a man surnamed He, who launched the scam in May 2023 by renting office space in China’s Shandong province. From there, he recruited a team, set up overseas servers, and coordinated with Indian contacts to handle the flow of stolen funds.

Their scam strategy was simple but effective:

They sent enticing investment messages to Indian users, inviting them to join a fake platform called SENEE that promised monthly returns of 8–15% on minimum investments of just 1,000 rupees (around $12).

Once the deposits began to grow and exceeded the promised returns, the group would shut down the platform or “convert debt into equity,” effectively freezing user access to funds.

💸 Laundering Millions Through Crypto

The stolen funds were funneled through third-party platforms and converted into Tether (USDT), a stablecoin pegged to the U.S. dollar. The USDT was then exchanged for Chinese yuan or USD — but with a 15% cut taken as a laundering fee. The report did not specify which platforms were used for the transactions.

The group created an elaborate setup that included fake websites, investment dashboards, and forged documents, all designed to make the operation look legitimate.

🎭 “I’m a Wealthy Indian!” — Fake Identities in Action

One of the scammers, a woman surnamed Li, posed as a successful Indian investor who supposedly got rich through fund investments — a ruse to convince others to follow her lead.

👨‍⚖️ Harsh Sentences: Up to 15 Years in Prison

The court described the group as a highly professional and organized criminal syndicate.

The Chinese court issued prison sentences ranging from 5 to nearly 15 years, along with substantial fines for the convicted scammers.

#CryptoCrime , #CryptoNewss , #Cryptoscam , #Tether , #USDT

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