According to a recent Chinese report, the Chinese police have charged six people in connection with a fraudulent crypto project.

Where published Jiangsu provincial police said that these six scammers deceived about 10,900 investors.

They were able to get about $45 million from them.

The investors believed and believed that they had made great profits from their activities, but the money never appeared to them.

The scam started around 2015 when victims were asked to invest in a “Global Win-win Token” which stands for “GGP” and then use these cryptocurrencies in online trading platforms.

The scam succeeded in convincing many investors who were deceived in it and the scammers offered them demo investments with promises of high returns if they invested more amounts.

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The scammers even set up a fake website that shows false financial returns to investors.

Where everything was fake, the company, the location, the tools, and even the currency.

One of the reasons why they can do this is because they have real experts in the financial industry as part of the team.

The process was very professional, well prepared and presented.

They also used the buzzword “blockchain” that helps increase trust.

In China, not everyone is familiar with the term, so they made it sound revolutionary and used forums and propaganda to get people’s attention.

Fortunately, the Chinese police intervened and arrested the fraudsters accused of organizing a Ponzi scheme and fraud.

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As the number of people defrauded increases, it is likely that they will be convicted of severe penalties for this crime.

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