A court in Heze, China, has adjudicated a case of investment fraud that victimised 66,800 Indian citizens. Nine individuals involved in the scheme have received prison sentences, according to local media.
Case materials reveal that the criminal group was led by He Moutian. In May 2023, he rented an office in the Heze-Luxi district, acquired overseas servers, and hired eight employees. Each was responsible for different aspects of the illegal investment platform SENEE.
The victims were targeted among Indian residents via social media. The fraudsters operated accounts posing as successful women who had become wealthy through investments. They engaged in romantic conversations with followers, encouraging them to invest from 1,000 rupees per month with a promised return of up to 15%.
The investment platform’s website featured a counterfeit trademark registration certificate, fake licenses, and other qualification documents.
From June 2023 to January 2024, the perpetrators managed to collect 517 million Indian rupees (~$6 million). The funds were converted to USDT and then withdrawn in yuan or dollars.
The court sentenced the nine defendants to prison terms ranging from five to 14 years and nine months, along with fines.
Earlier, ForkLog reported that Spain’s National Police arrested six members of a criminal organisation that allegedly stole over €19 million from 208 victims under the guise of cryptocurrency investments.