249 detained in China for software fraud

Beijing, Jun 21 (PTI) Nearly 250 suspects have been detained for allegedly swindling about USD 6.2 million in a software fraud and more than 1,000 computers and cell phones confiscated in a joint oper

Beijing, Jun 21 (PTI) Nearly 250 suspects have been detained for allegedly swindling about USD 6.2 million in a software fraud and more than 1,000 computers and cell phones confiscated in a joint operation in China’s Shenzhen city, police said.

According to the police, the gang targeted stock market investors with so-called inside information through the software they had developed.

The defrauders then used leveraging, modifying backstage data and high commissions to defraud clients, state-run Xinhua news agency quoted police officials as saying.

In a joint operation carried out on June 13, the police stopped more than 300 people, of whom 249 will face criminal charges.

42.6 million yuan (USD 6.5 million) was frozen and more than 1,000 computers and cell phones confiscated in the action, the report said.

This is published unedited from the PTI feed.