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15m yuan commodity scam leads to 45 held
11.10.2017

    Forty-five suspects have been arrested in an online commodity trading fraud involving 15 million yuan (US$2.26 million).

    The suspects, based in Nanjing city of Jiangsu Province, allegedly rigged red wine transactions on a commodity trading platform causing huge losses for investors.

    Investigation started in August in Jinshan District where one of the victims reported to police that he had lost 180,000 yuan at the online platform.

    The victim, surnamed Li, suffered huge losses because he was unable to sell on the commodities.

    Police found out that the “customer service” agency that Li thought he was dealing with was actually a company that was a trading member at the platform with suspicious trading records.

    This company and another one, controlled by three major suspects surnamed Zhao, Xu and Han, allegedly traded within their own accounts to drive up prices of red wine and then persuaded investors to buy at inflated prices.