Chinese Man from Sichuan Province Scammed of $3.46 Million in "Virtual Currency" Investment, Police Recovers Stolen Funds After a Long Chase, Preventing Loss

May 1st — Sichuan Province’s Gaoping Police Station recently cracked a cryptocurrency fraud case, where victim Mr. Yang was scammed out of 3.46 million yuan by an online acquaintance, Deng Mouhui, who posed as a cryptocurrency investment advisor. In December 2025, Mr. Yang saw a cryptocurrency investment ad online and reached out to Deng, his online contact. Deng immediately pitched a “no-loss” project, and Mr. Yang initially transferred 20,000 yuan. Over time, Deng sent daily profit screenshots to pressure Mr. Yang into investing more. Trusting Deng and lured by high returns, Mr. Yang put in a total of 3.46 million yuan, with an agreement to receive his principal and interest in one lump sum at the end of the term. In April 2026, when the agreed redemption date rolled around, Mr. Yang found Deng had blocked him and gone missing — so he reported the case to police. Using fund tracing and multi-dimensional data analysis, Gaoping officers tracked Deng to the Hunan-Jiangxi region. In late April, after a cross-provincial pursuit, they arrested him and seized evidence worth over 600,000 yuan. Investigation revealed Deng had no steady income, was addicted to high-end spending, and was deeply in debt. From late 2025 to March 2026, he ran the scam via a fake cryptocurrency project, using the proceeds to buy real estate, a car, and pay off debts. Deng is currently in criminal detention, and efforts to recover the stolen funds are ongoing.