A man in Zhangqiu, Jinan was defrauded of nearly 190,000 yuan when buying Bitcoin. The police helped recover the money

On May 13, the anti-fraud hotline of the Zhangqiu Branch of the Jinan Public Security Bureau received a call from Mr. Ji, who said that he was defrauded of 1.89968 million yuan when purchasing Bitcoin online. Police officers Yin Maoyong and Xu Tianming immediately launched an investigation into the flow of relevant funds. With the victim's timely provision of accurate information and the close cooperation of the financial party, the police successfully stopped payment of Mr. Ji's defrauded money three hours later.

The police further investigated and found that the money that Mr. Ji was defrauded of flowed into the account of Ms. Ni in Shenzhen. After negotiation, the police finally agreed to meet with Ms. Ni at a police station of the Shenzhen Bao'an District Public Security Bureau on May 22. After detailed questioning, Ms. Ni did not buy or sell Bitcoin, nor did she participate in money laundering, and ruled out the suspicion of fraud. The police then lifted the stop payment on her bank card, and at 10:45, Ms. Ni returned all the money (189,968) to Mr. Ji.

This is a typical case of overseas criminals using citizens' bank cards to launder money. The criminals sold Bitcoins through website links, and then asked the victims to transfer the money to the citizens' bank cards. They then withdrew the Bitcoins through illegal means in order to defraud money.