A man defrauded more than 100 million yuan in the name of selling "Bitcoin mining machines"

According to Huaibei News, Zhang, who was blinded by greed, signed a transaction contract with nearly 50 people in the name of selling "Bitcoin mining machines", defrauding more than 100 million yuan, and the victims were from many places across the country. Through the unremitting efforts of the police to investigate and persuade and educate his family members, the criminal suspect Zhang was forced to surrender to the Economic Investigation Brigade of Xiangshan Branch of the Municipal Public Security Bureau.

On the eve of the 2018 Spring Festival, nearly 50 victims from various parts of the country came to the Xiangshan Public Security Bureau to report that they were defrauded of more than 100 million yuan by a Huaibei native named Zhang in the name of selling "Bitcoin mining machines". The reporters were very emotional. After receiving the alarm, the Economic Investigation Brigade of the Xiangshan Branch quickly arranged police forces to comfort and question the reporters, and immediately organized the main police forces of the team to investigate the case and report the case to the director as soon as possible. After learning about the case, the branch leaders requested a quick and strict investigation of the case.

After receiving the case, the Economic Investigation Brigade investigators organized special personnel to check the bank account transaction details of the suspect Zhang, and analyze his receipt and payment on the spot. On the other hand, they arranged investigators to go to Guangzhou and Shenzhen to verify the whereabouts of Zhang's payment. On February 13 (the 28th day of the lunar year), the external investigators were still working hard in Guangdong and did not go home for the New Year.

After a lot of research and analysis, they brought back an important clue from Guangdong: Zhang had been collecting payments for Bitcoin mining machines (futures) from all over the country since October 2017. However, Zhang did not use the money to purchase futures mining machines from customers. Instead, he purchased spot mining machines from Shenzhen at a high price when the delivery date came. Although Zhang lost a lot of money on each business, he won the trust of many customers.

As the Bitcoin market skyrocketed at the end of last year , Zhang continued to receive huge payments from customers all over the country. Zhang extended the delivery period for customers in order to "trade time for space" and used the money from later customers to replenish the goods from earlier customers. Until early 2018, the number of Bitcoin mining machines that Zhang promised to deliver to customers far exceeded the number circulating on the market, so Zhang disappeared.

During the Chinese New Year, the investigators did not relax and screened Zhang's personal whereabouts and the funds that fled abroad. Zhang's account was immediately frozen after the Chinese New Year. During this period, the investigators went to Zhang's relatives' homes many times to persuade and educate his family members. The hard work paid off. Recently, under pressure, the criminal suspect Zhang surrendered to the Economic Investigation Brigade of Xiangshan Branch.

After the suspect Zhang was arrested, the investigators of the Economic Investigation Brigade interrogated him. Faced with a large amount of evidence, Zhang truthfully confessed that he had adopted a "Ponzi scheme" in the name of selling Bitcoin mining machines in less than three months since October 2017, defrauding customers across the country of a total of more than 76 million yuan in payments.

At present, the case has seized 2 million yuan in stolen money, frozen account funds (including financial products) totaling more than 7 million yuan, seized 8 luxury cars, and sealed the first floor of the property located in Guogou Plaza. The suspect Zhang has been arrested for suspected contract fraud, and the case is being further handled. (Zhongan Online)