The Yongchang Court of Gansu Province, China, has sentenced ten individuals to fixed-term imprisonment ranging from ten months to one year for their involvement in telecom fraud crimes. The defendants were found guilty of assisting in information network criminal activities and were ordered to pay fines totaling more than 1.19 million yuan.
The case involved a group of individuals led by Shen Moumou who established illegal over-the-counter trading groups using Telegram software. These groups facilitated the exchange of Tether (USDT) for RMB at a “high exchange rate,” knowingly accepting funds from online gambling, telecommunications fraud, and other illicit activities.
The defendants profited from their involvement, making a total of over 880,000 yuan. Their actions were deemed to be key links in the chain of combating telecom fraud crimes, and they were accordingly punished by the court.
This case highlights the importance of addressing the use of virtual currencies in facilitating illegal activities. The court’s decision emphasizes the need to hold accountable those who knowingly participate in such criminal schemes.
