According to Shen Chao TechFlow news and reports from the Xinmin Evening News, the Yangpu police in Shanghai successfully solved a virtual currency contract trading fraud case through meticulous investigation, dismantling a fraud gang of 16 people, involving more than 300,000 yuan.
After interrogation, the suspects all frankly admitted to their criminal actions. Based on the previous investigation, the special investigation team fully grasped the modus operandi of the criminal gang, which involved Yang and Yu, among others, infiltrating various virtual currency investment group chats posing as 'investment masters', directing those with investment intentions in the group to a fraudulent trading platform they set up. They exploited the victims' psychology of wanting to 'make quick money' by inducing them to conduct multiple transactions to earn high fees. Subsequently, they induced the victims to raise their investment 'profit and loss ratio', making them mistakenly believe that their investment failure was due to their own misjudgment of the market, thereby deceiving the victims out of their money.
Currently, Yang, Yu, and 16 other suspects have been subjected to criminal compulsory measures by the Yangpu police on suspicion of fraud, and the case is under further investigation.