According to ChainCatcher news, recently, the Yangpu police in Shanghai successfully cracked a virtual currency contract trading fraud case after meticulous investigation, dismantling a fraud gang of 16 people, with the involved amount exceeding 300,000 yuan.
During the interrogation, the suspects confessed to their criminal activities without reservation. Based on the preliminary investigation, the special investigation team has fully grasped the methods used by the criminal gang, which involved Yang, Yu, and others posing as 'investment masters' to infiltrate various virtual currency investment group chats, luring interested investors to a fabricated trading platform they created. By exploiting the victims' desire to 'make quick money,' they induced them to engage in multiple transactions to earn high fees. Subsequently, they misled the victims into believing that their investment failures were due to their own misjudgment of the market by encouraging them to raise their investment 'profit and loss ratios,' thereby defrauding them of their money.
Currently, 16 criminal suspects, including Yang and Yu, have been subjected to criminal coercive measures by the Yangpu police for suspected fraud, and the case is under further investigation. (Xinmin Evening News)