249 detained in China for software fraud
Representative image. Photograph: (Reuters)
Nearly 250 suspects have been detained for allegedly swindling about $6.2 million in a software fraud and more than 1,000 computers as well as 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 ($6.5 million) was frozen and more than 1,000 computers and cell phones confiscated in the action, the report said.