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Aussie Police Cost 4 Chinese language Males in an AU$100M FX/Crypto Rip-off

Four Chinese nationals are accused of investing fraud in Australia.
Four Chinese nationals living in Sydney have been charged by Australian authorities with being part of an organised crime group that ran cryptocurrency and foreign exchange frauds, taking over AU$100 million worldwide. The vast majority of the con’s victims are Americans, yet the scheme’s managers are located in Australia. Following notification by the USA Secret Service (USSS) in August 2022 of the scam’s Australian connections, Australian officials launched an investigation and on Friday made the arrests.
The four guys, two of whom are 19 years old (one in their mid-20s and the other 27), are accused of committing crimes. To provide the impression that their fraudulent activities were legal, the offenders registered corporations with the Australian Securities and Investments Commission (ASIC). Additionally, they open bank accounts to launder money obtained illegally. Two of the four Chinese nationals who were seized were caught at the airports trying to use one-way tickets to escape Australia and head to Hong Kong. The Australian authorities also seized AU$22.5 million from 24 bank accounts that they claimed were connected to the criminal syndicate, in addition to making the arrests.
The organisation employed well-known digital trading platforms to sell fraudulent services through a highly sophisticated scam. Concerns regarding the use of reputable white-label trading platforms by scammers also arose when Apple removed two MetaQuotes apps from the App Store earlier this year. According to the Australian Federal Police, the con artists tricked people by using a variety of advanced social engineering techniques. Before offering the phoney investment possibilities, they targeted victims on messaging apps, dating websites, and job websites. The victims were directed to investment applications that were both phoney and authentic. The owners of fraudulent platforms showed off their manipulation of market data in an attempt to lure in additional victims.
Globally, investment frauds are pervasive. Scamwatch data shows that in the first five months of 2022, Australians lost over AU$158 million due to fraud of this kind. “someone should proceed with extreme caution if they get cold calls or emails from someone trying to sell them financial or investing services. Detective Sergeant Salam Zreika of the AFP’s Cybercrime Operations Eastern Command stated, “Criminals are merciless and will stop at nothing to take your money.” “Avoid making speculative, foreign exchange, or cryptocurrency investments with individuals you have only ever interacted with virtually. Get a second opinion in person from an expert if you are unsure.

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