A Chinese court has sentenced nine individuals who defrauded Indian citizens of over $6 million through fraudulent means. The perpetrators employed a scheme known as kill foreigners, which is a variation of the kill pigs scam. This scheme involves gaining the victim’s trust through social media, romantic relationships, or friendship, after which money is extracted through fake investment platforms.
This is reported by Finway
Details of the Fraudulent Scheme
According to media reports, a local Chinese court issued a verdict in a case where 66,800 Indians were victims, resulting in total losses of 517 million Indian rupees (approximately $6 million). The fraudsters received prison sentences ranging from five to 14 years and fines.
The organizer of the scam, He Moutian, rented an office in Heze in May 2023, formed a criminal group, purchased foreign servers, set up a fake platform called SENEE, and activated their operations through messengers and social networks.
“I played the role of an Indian woman who supposedly became wealthy through investments. Through fake photos of training and travel, I created the image of a successful person,” recalls one of the defendants.
Methods of Deception and Legal Consequences
The group used translators, fake documents, including a forged financial license from India. Additionally, the participants hosted the platform’s website on Indian servers to enhance credibility. They promised up to 15% profit monthly for investments starting from 1,000 rupees.
When the amounts invested exceeded the promised payouts, the platform would suddenly cease operations or convert debts into shares. The funds obtained were transferred into the USDT stablecoin through third-party payment platforms.
The court recognized the group’s actions as a planned crime with a clear division of responsibilities, which lasted more than seven months—from June 1, 2023, to January 13, 2024. Judge Liu Silei emphasized that although this case involved foreigners, similar frauds continue to operate extensively against Chinese citizens.
Currently, analysts at Global Ledger report that in the first two months of 2025, the amount of stolen funds in the crypto market reached $1.89 billion, while experts at Hacken estimated that the losses in the Web3 sector due to fraudsters in the first quarter of 2025 amounted to $1.98 billion.