Shandong Heze has cracked down on a virtual coin fraud case involving over 40 million yuan.

According to Observer Network, the Shandong Heze Economic Development Zone Court recently tried a telecom fraud case involving Indian people related to the virtual money “Killing Foreign Plates.” The fraud gang lured Indian victims with high returns, inducing them to purchase USDT through a third-party payment platform and convert it into RMB or USD to extract profits. From June 2023 to January 2024, a total of 66,800 Indians were defrauded, with a total amount involved reaching 517 million rubles (approximately 40 million RMB). The court ultimately sentenced 9 fraudsters to prison terms ranging from five years to fourteen years and nine months, along with fines.