A Chinese court has declared nine individuals for operating Telecom Fraud Ring, which reportedly fraudulently fraudulent over 66,000 Indian victims and reportedly washed their proceeds through Tether’s USDT.
According to a report by the Global Times, nine individuals have been sentenced in China for roles in a telecommunications fraud scheme that has fraudulent over 66,000 victims in India.
The group was praised for his last name, running a fake investment platform and using a false identity to steal Indian rupee of 517 million (approximately $6.2 million), and renting office space in Shandong Province in May 2023.
He recruited team members, set up servers overseas, handled contact with Indian companies, and coordinated the flow of stolen funds. He said the group seduced the Indians through messaging and promised a monthly return of 8-15% on an investment of 1,000 rupees (about $12) via the so-called Senee Platform.
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If the deposit exceeds the promised returns, the fraud team will either shut down the platform or convert debt into stocks to freeze funds, the report reads. The funds were later washed through a third-party platform, converted to tethered USDT (USDT) Stablecoin, then exchanged for Chinese yuan or US dollars with a 15% cut. The report does not say which platforms were cashing out.
One of the con artists described herself as a “wealthy Indian woman” who gave Li the last name and achieved success through fund investment, the report reads.
The group also created fake documents and websites that appear to be legitimate, what Chinese courts described as “a sophisticated crime syndicate marked by professional organisations,” the report reads. The sentence is in prison for nearly five to 15 years with fines.
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