Odaily Planet Daily reports that the Taizhou Internet Police's official account has revealed a "high-interest investment" scam. A victim surnamed Jin from Taizhou met an online friend and was lured into a fraudulent investment platform with promises of "guaranteed profits and high-interest investment." Initially, several small deposits and withdrawals were successful, convincing Jin of the platform's reliability and promise of substantial returns. The scammers then falsely claimed the platform's "RMB access" was closed, demanding that Jin exchange his cash for virtual currency "U-coins" before continuing to "invest" or withdrawing his booked "profits." Manipulated by promises of "limited-time deposits for higher profits" and "heavy deposits required for withdrawals," Jin continued to invest large sums of cash and even borrowed from friends to continue his investments, ultimately losing over 6 million yuan.

Police discovered a highly efficient money laundering "U-coin assembly line" operating behind the scenes. The fraud ring "went online," remotely directing multiple "handlers" to travel to Huangyan, Taizhou, Zhejiang, and directly collect hundreds of thousands and even millions of yuan in cash from Jin in batches. In June 2025, the Huangyan District People's Procuratorate of Taizhou City prosecuted the defendant, Li, for concealing and hiding the proceeds of crime. The district court sentenced Li to three years and six months in prison and a fine of 80,000 yuan.

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