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A Chinese court sentenced nine people for leaving a telecommunications fraud ring which has frauded more than 66,000 Indian victims and would have whitewashed the product via the USDT of Tether.
According to a Global Times report, nine people were sentenced to a prison in China for their role in a telecommunications fraud program which has fraudd more than 66,000 victims in India.
The group stolen 517 million Indian rupees (approximately $ 6.2 million) by operating false investment platforms and using false identities and was led by a man nicknamed him, who began the operation in May 2023 by renting offices in the Shandong province.
He recruited team members and set up servers abroad as well as contacts with Indian companies and coordinated the flow of stolen funds. He said the group had attracted Indians by messaging, promising monthly yields of 8 to 15% on investments of 1,000 rupees (around $ 12) via the so-called Senee platform.
When the deposits have exceeded the promised yields, the scam would close the platform or convert the debts into equity into freezing funds, the report said. The funds were then laundered via third-party platforms and converted into Stablecoin USDT (USDT) from Tether, then exchanged in Chinese Yuan or US dollars with a drop of 15%. The report does not say what platforms the crooks used to withdraw.
One of the crooks, nicknamed Li, presented itself as a “rich Indian woman” who managed to make investments of funds, indicates the report.
The group has also created false documents and websites to appear legitimate, which the Chinese court described as a “sophisticated criminal union marked by a professional organization,” said the report. The sentences vary from five years to almost 15 years in prison, as well as fines.