Chinese Court Convicts Nine for $6M Crypto Scam Targeting Indians

In a significant move against international crypto fraud, a Chinese court has convicted nine individuals for orchestrating a cross-border scam that specifically targeted Indian citizens. The group deceived over 66,000 Indians, amassing nearly $6 million by promising unrealistic returns through a fabricated investment platform.

The scam began with an enticing offer. The fraudsters introduced a digital platform named Senee, claiming it could generate monthly returns ranging from 8% to 15%. This promise of high returns attracted many individuals looking to grow their savings, making it seem like a lucrative opportunity.

However, behind the alluring numbers lay a meticulously constructed trap. The group utilized messaging apps and fake online identities to reach out to Indian users, gradually building trust before persuading them to invest in Senee using USDT, a widely used cryptocurrency.

What makes this case particularly alarming is the emotional manipulation employed by the scammers. They did not merely send out advertisements; they created fake online personas, even posing as wealthy Indian women who had supposedly achieved financial success through investments in Senee.

One of the accused, Li Mouwang, confessed that his role involved acting as a woman engaging in romantic conversations with Indian men to convince them to invest. These interactions were not random but carefully planned to lower the victims' defenses.

The group leader, He Moutian, revealed that he initially contacted an Indian user through a chat app and then introduced the Senee platform. With tales of high profits and easy money, the group managed to ensnare tens of thousands of victims.

The case was adjudicated by the People’s Court of Heze Economic Development Zone in China’s Shandong Province. On April 13, it was reported that all nine defendants were found guilty. Their prison sentences ranged from five to fourteen years, depending on their level of involvement in the scheme.

Judge Liu Xilei, who presided over the case, described the operation as “well-organized and tightly managed.” Although this particular group targeted foreign victims, primarily Indians, the judge cautioned that similar tactics are being employed to deceive people within China as well.

This case serves as a stark reminder of the lengths to which scammers will go. They are no longer confined to sending spam emails; they create entire fake identities, engage in emotional conversations, and execute detailed scams to steal people’s money.

As the popularity of cryptocurrency continues to rise, so do the associated risks. This case underscores the importance of remaining vigilant and thoroughly verifying investment opportunities. If an offer seems too good to be true, it likely is.