Suzhou Court heard a case involving a 160 million yuan "Global Coin" fraud case, and the suspect was sentenced to 13 years and six months in prison

Odaily Planet Daily News Recently, the People's Procuratorate of Huqiu District, Suzhou City handled a virtual currency fraud case. There were more than 700,000 victims across the country, and the amount involved was as high as 160 million yuan. After deducting bonus products, recommendation cashback and other fees, more than 97 million yuan was committed. The suspect Fang actually made about 69 million yuan in profits. It is reported that the fraudulent project is called "Global Coin" and falsely claims that the virtual currency was launched by a Hong Kong group using the latest blockchain technology and can be converted into RMB at a certain ratio once it is listed. Among them, the "membership model" is the "magic weapon". Only by becoming a more advanced member can you have more global coins and mining machines with greater production capacity to produce global coins. At the same time, members can develop downlines to earn rebates. After the incident, the police promptly froze more than 50 million yuan in Fang's account. At the same time, he used these illegal gains to purchase ten properties, which were also seized by the public security organs. Recently, the court sentenced Fang to 13 years and six months in prison for fraud and fined him 3 million yuan. At present, the Public Security Bureau has established a property disposal team, and the compensation work is being carried out in an orderly manner. (Lizhi News)