Chinese fraud ring called over $ 6 million in Tether of 66,800 Indian victims: Report

The Chinese Court sentenced nine individuals to launch a telecommunications rings that deceived over 66,000 Indian victims and allegedly launched through Tether’s USDT.

Nine individuals were sentenced to prison China For their roles in the Telekom fraud scheme that violated over 66,000 victims in India, according to a report by global times.

The group counted 517 million Indian rupees (about $ 6.2 million) of false investment platforms and was led by a man portable, who began operations in May 2023. year by renting office space in Shandong Province.

He recruited the team members and set up portable servers, as well as handling contact with Indian companies and coordinated the flow of stolen funds. He stated that the group has made Indians through the exchange of messages, promising monthly return from 8-15% to 1,000 rupees (about $ 12) investment via the so-called Senee platform.

When deposits surpassed the promised returns, the fraud will turn off the platform or convert debts to equity to freeze funds, the report reads. Funds are later tried through third party platforms and converted to Tether’s USDT (USDTT) Stablecoin, and then exchanged in Chinese Yuan or US dollar with 15% cutting. The report does not say which platforms deceived.

One of the fraud, surname Li, presented himself as a “rich Indian woman”, which achieved success through investment in funds, the report reads.

The group also created false documents and websites to appear legitimate, which Chinese court described as a “sophisticated criminal union marked by a professional organization,” read report. The sentences range from five years to almost 15 years in prison, together with fines.