Nine Chinese nationals have been sentenced to prison terms ranging from five to fourteen years for orchestrating a $6 million crypto scam that targeted 66,800 Indian victims.
The People’s Court of Heze Economic Development Zone in Shandong Province handed down the verdict after uncovering an elaborate scheme involving fake investment platforms and fabricated identities.
The fraud ring operated under the guise of a platform called Senee, promising high monthly returns of 8% to 15% on investments as low as 1,000 rupees.
According to court documents, the group posed as wealthy Indian women on chat apps, using romantic conversations to gain victims’ trust and convince them to invest.
“I met an Indian on a chat app and introduced the Senee network investment platform, using high returns to attract investment,” admitted He Moutian, the leader of the operation.
Once victims attempted to withdraw their funds, the scammers either shut down the platform or falsely converted their holdings into equity shares, effectively freezing their assets.
The stolen money was funneled into USDT (CRYPTO:USDT) through third-party payment platforms and later converted into Chinese yuan or U.S. dollars for profit.
The court described the operation as highly organised and deliberately aimed at foreign nationals.
Judge Liu Xilei noted that the group’s tactics included precise division of roles and profit-sharing mechanisms.
The scam ran from May 2023 to January 2024, defrauding victims of approximately 517 million Indian rupees.
Chinese authorities have intensified efforts to combat cross-border crypto fraud amid rising cases targeting foreign investors.
In addition to prison sentences, fines were imposed on the defendants as part of the crackdown.
Wu Blockchain, a crypto reporter, commented on social media that this case underscores the growing prevalence of crypto-related scams exploiting vulnerable populations.
The court’s ruling reflects a broader push by China to address digital crime and protect international victims from fraudulent schemes.