Unmasking the Great Tether Heist: How 66,800 Indians Got Duped! 😂💸

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In a curious twist of fate, a Chinese court has seen fit to impose sentences upon nine individuals, those crafty architects of a telecom fraud ring, who have managed to ensnare over 66,000 unsuspecting souls from the vast expanse of India. The audacity! The sheer gall! They reportedly laundered their ill-gotten gains through the enigmatic Tether’s USDT, as if it were a mere trifle.

These nine miscreants, now facing the music, orchestrated a grand scheme that pilfered a staggering 517 million Indian rupees (approximately $6.2 million). Their modus operandi? Crafting elaborate facades of fake investment platforms, all while donning the masks of false identities. The ringleader, a gentleman of dubious repute surnamed He, initiated this grand charade in the balmy month of May 2023, securing office space in the industrious Shandong Province.

He, with the flair of a seasoned conductor, assembled a motley crew, establishing overseas servers and deftly managing communications with Indian enterprises, all while orchestrating the flow of their ill-gotten funds. His siren song lured the Indian populace through the medium of messaging, promising tantalizing monthly returns of 8-15% on investments of a mere 1,000 rupees (around $12) via the so-called SENEE platform. Ah, the sweet allure of easy money!

But alas, when the deposits began to outstrip the promised returns, the scam team would swiftly pull the rug from under their victims, shutting down the platform or converting debts into equity, thus freezing the funds. The report, in its dry manner, notes that these funds were later laundered through third-party platforms, transformed into Tether’s USDT, and subsequently exchanged for Chinese yuan or U.S. dollars, all while pocketing a tidy 15% cut. The report, however, remains tight-lipped about the specific platforms employed for this cash-out escapade.

Among the rogues was one Li, who, in a stroke of comedic irony, masqueraded as a “wealthy Indian woman,” claiming to have achieved her success through astute fund investments. The audacity! The gall! The sheer theatricality of it all!

The group, in their quest for legitimacy, concocted fake documents and websites, presenting themselves as a legitimate enterprise. The Chinese court, in its wisdom, described them as a “sophisticated criminal syndicate marked by professional organization.” The sentences handed down range from five years to nearly 15 years in prison, accompanied by fines that surely add insult to injury.

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2025-04-14 12:18