Photo: screenshot from CCTV News

Shanghai police successfully intercepted 720,000 yuan (approximately $100,000) from being handed to a scammer after an investor insisted the "virtual currency" opportunity was legitimate. The case, reported by state broadcaster CCTV News on November 2, highlights sophisticated tactics used in the financial fraud.

The incident unfolded on September 10 when a bank manager grew suspicious of a client surnamed Liu, attempting to withdraw 720,000 yuan in cash. The manager, having previously helped police stop fraudulent transactions, alerted authorities. 

Police officers visited Liu's home, where the investor claimed the money was for depositing elsewhere. Suspicious mounted when Liu presented an unusually clean mobile phone for inspection. Police later discovered his second phone containing a private chat with someone promoting the overseas crypto scheme.

Despite detailed explanations of the scam, Liu remained convinced, telling the officers, "I'm not a fool. I studied abroad for years. Wouldn't you turn tens of thousands into millions?" 

Police pretended to leave but followed Liu to the meeting point, where they arrested a "money mule" posing as a currency trader. The suspect surnamed Zhao, confessed to laundering money for 300 yuan per job.

Police warned that it is common for scammers, posing as investment firm staff or "currency traders," to arrange in-person meetings for large investment transactions. The public is reminded that any request to deliver money to a specific location, or having someone come to your door to collect cash, gold, or other valuables, is a scam, according to CCTV News.

CCTV News