Chinese Fraud Ring Launders Over $6M Stolen From Indian Victims in Tether

A Chinese court has sentenced nine individuals for running a telecom fraud ring that defrauded over 66,000 Indians. The group stole 517 million Indian rupees ($6.2 million) by operating fake investment platforms and using false identities. Prosecutors allege the scammers used Tether’s USDT stablecoin to launder funds after allegedly enticing victims into investing through promises of high returns on messaging platforms.