A Chinese court has sentenced nine individuals who fraudulently obtained over $6 million from citizens of India.
This is reported by Business • Media
They executed a fraudulent scheme called kill foreigners (literally “kill foreigners”). According to reports, this scam is a variation of the well-known kill pigs scheme, which involves gaining the victim’s trust through social media, romantic relationships, or friendship, after which victims are tricked into giving money through fake investment platforms.
Details of the scam and penalties
The perpetrators received prison sentences ranging from five to 14 years and nine months, along with fines. The organizer of the scam, He Moutian, rented an office in Heze in May 2023, formed a criminal group, purchased foreign servers, and launched a fake platform called SENEE. He and his accomplices began “hunting” Indians through messengers and social networks.
“I played the role of an Indian woman who supposedly became wealthy through investments. Through fake photos of workouts and travels, I created the image of a successful person and built trust to later offer investments in SENEE,” confessed one of the defendants.
The group used translators, fake documents, including a forged financial license from India and a trademark registration certificate. Additionally, the participants hosted the platform’s website on Indian servers to enhance credibility. They promised returns of up to 15% per month for investments starting from 1,000 rupees.
When the amount of investments exceeded the promised payouts, the platform would suddenly cease operations or convert the “debt” into “shares.” The funds obtained were converted into the stablecoin USDT through third-party payment platforms and withdrawn in yuan or dollars.
Court ruling and consequences
The court recognized the group’s actions as a planned and coordinated crime with a clear division of responsibilities, carried out over more than seven months—from June 1, 2023, to January 13, 2024. The participants were convicted of fraud through information networks. Presiding Judge Liu Silei noted that, although this case involved foreigners, similar fraudulent schemes continue to actively target citizens of China.
It is worth noting that, according to analysts at Global Ledger, in the first two months of 2025, the amount of stolen funds in the crypto market reached $1.89 billion, while Hacken experts estimated losses in the Web3 sector at $1.98 billion in the first quarter of 2025.