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Jiang Zhong, a Chinese man, was suspected of defrauding victims by posing as a Bitcoin investment expert and collecting and sending cash across state lines, causing huge losses to the victims. The police monitored the transaction and arrested and prosecuted him.
Police are investigating a 34-year-old interstate investment fraud caseSugar The individual, Zhong Jiang (transliterated), is suspected of impersonatingcryptocurrency Investment experts who trick victims into handing over large amounts of cash. One of the victims personally handed over $500,000 in cash, and when the second victim tried to withdraw money from the investment account, he was asked to pay a commission of $270,000 first.
According to news recently announced by the state of Michigan, police received a report from an Escanaba resident in July this year. The victim said he was contacted by a person claiming to be a cryptocurrency investor and thought the other party could assist with the purchase.Bitcoin So arrange face-to-face transactions. The victim gave over $500,000 in cash to the other party during the meeting, and then followed instructions to send $165,000 in cash via FedEx to an address outside Michigan, resulting in a total loss of approximately $665,000. The victim later reported the matter to the police suspecting investment fraud.
After several months of investigation, police identified the suspect involved in the case as Jiang Zhong, who lives in Orland Hills, Illinois. He was also involved in an investment fraud case in Wisconsin. According to state court information, on July 13 this year, a local man reported the case, saying that he originally thought he was buying and selling stocks through an online investment platform, so he made a bank wire transfer of 132,000 yuan and delivered the same amount of cash in two installments. But when the victim tried to withdraw 3,000 to 4,000 yuan from the investment account, the other party demanded an initial payment of 270,000 yuan as commission. The criminal complaint also mentions home renovation, purchase of steel and gold coin transactions, but the victim said he never made these transactions.
The victim’s wife contacted police and informed the suspects of another cash collection operation. The police decided to monitor the transactions and record the serial numbers of the bank notes to be distributed in advance. It is reported that Jiang Zhong drove a rented BMW to collect cash that day. When investigators interrogated him, he claimed he got the collection job online and would receive 800 yuan as a reward after completing the job. However, police believe he is involved in related fraudulent activities.
Court records show Jiang Zhong was charged with two felonies on July 31, including conspiracy to commit theft of more than 100,000 yuan by false representation and conspiracy to commit money laundering. He was suspected of knowing that the funds in question were illegal profits and still received or obtained more than 100,000 yuan. Jiang Zhong waived a preliminary hearing on August 12 and pleaded not guilty to related charges. The case is still ongoing, the next hearing is scheduled for November 23.
The FBI issued a warning in June this year, reminding the public to be wary of cryptocurrency investment scams that use cash collection. This type of scam usually begins with a fake investment website or application, causing the victim to mistakenly believe that the account is generating consistent profits; When the victim wants to withdraw money, the scammer will demand continued payments for reasons such as management fees, fines or commissions, and will even arrange for someone to personally collect the cash.
The FBI reminds the public not to give large amounts of cash to unknown individuals, nor to send cash to addresses unrelated to investment institutions. Before investing, you should check the registration information of the investment adviser and related companies through the Securities and Exchange Commission (SEC) Investor.gov website. If you suspect you have encountered investment fraud, you should save communication records, transfer receipts, website and payment information and report the matter through the FBI Internet Crime Complaint Center (IC3.gov). If you sent cash via express delivery, you should immediately contact the courier company to ask if the package can be stopped.
Summary FAQ
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He pretended to be a cryptocurrency investment expert, first building trust by saying he could help buy Bitcoin or making profits, then arranged to collect the cash in person, and even instructed the victim to send money via FedEx, thereby defrauding huge amounts of money.
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The victim in Michigan first handed over more than 500,000 yuan in cash during the interview, and then followed instructions to send 165,000 yuan, a total of about 665,000 yuan; Another victim in Wisconsin sent money and sequentially handed over the cash.
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After receiving the report, the police continued the investigation, monitored the transactions and recorded the banknote serial numbers before cash settlement, and finally confirmed that Jiang Zhong was present to pick up the money. The court later charged him with conspiracy to commit theft and money laundering.
