Police in the city of Luoyang, central China's Henan province, have detained 75 suspects in an alleged telecom and online fraud case concerning a fake stock trading platform.
A total of 88 computers, 110 mobile phones, nine cars and hundreds of bank cards were confiscated, according to the city's public security bureau on Saturday. According to the police, the suspects, disguised as online stockbrokers, added victims on social media platforms, dragged them into group chats entitled "stock investment" and recommended promising stocks regularly in the group. They would provide a fake stock trading platform through which money of the victims would go to their accounts instead of the stock market. After manipulating stock prices on the fake platform, the suspects would tell the victims that they have suffered huge losses or just blacklist the victims. Further investigation is underway.