Shanghai Police in China Bust Virtual Currency Account Trafficking Gang Assisting Overseas Fraudulent Fund Transfers, 11 Arrested

BlockBeats News, May 17th, according to Guangming Net report, the Pudong Police in Shanghai recently successfully dismantled a criminal gang that used "labor recruitment" as a cover to help overseas fraud groups transfer funds. The gang recruited individuals to register virtual currency wallets to provide illegal fund circulation accounts for fraudulent activities.

On April 13th, Mr. Tang, a citizen, received a "payment-on-delivery express" text message and contacted the other party to cancel the delivery. The other party requested his bank card information and sent a link. After Mr. Tang clicked on the link, he entered his bank card number and verification code as requested, only to find that his bank account was debited, resulting in a cumulative loss of over one million RMB. He then reported the incident to the police.

After receiving the report, the police quickly formed a task force to conduct an investigation, targeting a criminal gang led by individuals named Miao and Wang. From April 22nd to 23rd, the police carried out a unified operation in Qingpu District, arresting 11 suspects involved in the case.

Investigation revealed that the gang sold virtual currency accounts registered by recruits to overseas fraudsters at a price of 40 to 50 RMB each for money laundering purposes. Currently, the main suspects Miao and Wang have been criminally detained, and several other suspects have been taken into custody through criminal coercive measures in accordance with the law. The case is under further investigation, and the police have frozen and recovered some of the funds involved.