PANews reported on April 14 that according to Dahe Kankan, the People's Court of the Economic Development Zone of Heze City, Shandong Province, tried a virtual currency "killing foreign plates" telecommunications network fraud case targeting Indians. It is reported that criminals used high returns as bait to attract Indians to invest money, and then used the investment funds to purchase 'USDT' virtual currency through a third-party payment platform, and converted the virtual currency into RMB or US dollars to extract 15% of the profit.
After trial, the court found that from June 1, 2023 to January 13, 2024, 66,800 Indians were defrauded in just over 7 months, and the amount of fraud reached 517 million Indian rupees (about 40 million yuan). Nine fraudsters were sentenced to fixed-term imprisonment ranging from five years to fourteen years and nine months and fined.
