Involved over 5 million yuan, Jinan police dismantled a "cash for U" fraud gang.

New Yellow River

2025-4-318:53 Shandong New Yellow River Client Official Account

Recently, a citizen of Jinan, known as Xiao Ru (pseudonym), hurriedly went to the Shizhong Road Police Station of the Shandong Provincial Public Security Bureau in Jinan to report that she had been scammed out of more than 800,000 yuan after investing in virtual currency.

At the beginning of this year, Xiaoru added a "training teacher" who claimed to be able to help children improve their grades. This person also showed Xiaoru a series of their investment "talents" and "luxurious" lifestyle. After getting familiar, this "teacher" began to encourage Xiaoru to participate in investments together. According to reports, Xiaoru initially did not believe in such a windfall, but when the person took out their own money to recharge her with over a thousand yuan as startup capital and made over a hundred yuan in profit within ten minutes, she became fully convinced and immediately invested 9,800 yuan to "test the waters." To her surprise, she immediately received a "cashback" of 10,388 yuan.

"Sister, new members get multiple bonuses for recharging." "Don't worry, we all do face-to-face transactions and aren't afraid to meet, so how could there be any fakes?" This "teacher" said to Xiao Ru.

According to reports, Xiao Ru subsequently raised more than 180,000 yuan through online loans and handed the money over to designated "offline traders." In this way, Xiao Ru made three more trades, but each time the trading partner was different. In total, Xiao Ru has recharged more than 800,000 yuan.

After that, the "teacher" told Xiaoru that the cash she had deposited had been exchanged for USDT (abbreviated as "U" coin) and taught her how to continue depositing and purchasing U coins on the platform. When Xiaoru requested a withdrawal, the other party said that if she wanted to withdraw, she must pay a 35% tax to the platform. Xiaoru felt something was wrong, so she reported the case to the police station.

According to reports from the Jinan Public Security Bureau, after receiving the alarm, the police launched an overnight investigation, identifying four suspects involved in cash withdrawal crimes. Subsequently, they went to Anhui, Henan, and other places to completely dismantle the "cash for U" gang led by Jiang, with a total amount involved exceeding 5 million yuan. Currently, the suspects have been criminally detained in accordance with the law, and the case is under further review.

According to reports, the virtual currency investment and financial management "USDT", commonly referred to as "U Coin", is gradually occupying a place in the investment and financial management sector due to its stable value and global circulation characteristics, and is even touted as the "new favorite". However, because its transactions offer anonymity and convenience, this type of currency has also become a preferred money laundering tool for scammers. The People's Bank of China has clarified that virtual currencies do not have the same legal status as legal tender, and therefore cannot be circulated or used as currency in the market. Do not easily attempt virtual currency investments to avoid inadvertently getting involved in illegal activities.

The police remind that online contact + false investment and financial management + offline cash withdrawal to exchange for U coins constitutes fraud. When it comes to investment and financial management, choose legitimate channels. Always remain vigilant about high-yield investments and do not believe in "buying and selling" that guarantees profits without losses, to avoid falling into the trap of online investment and financial fraud.

Reporter: Li Zhen Editor: Han Luying Proofreader: Liu Tian