Sichuan, China, a man invests in "virtual currency" and is scammed out of 3.46 million yuan; police pursue stolen assets over thousands of miles to recover funds and solve the case.

BlockBeats News, May 1 — Gao Ping Public Security in Sichuan Province, China, recently cracked a virtual currency scam case, where victim Yang was defrauded of 3.46 million yuan by “net friend” Deng Mouhui under the guise of investing in virtual currencies.

In December 2025, Yang saw an online advertisement for virtual currency investment and consulted with net friend Deng Mouhui. Deng immediately recommended a “guaranteed profit” project, and Yang transferred an initial 20k yuan. Afterwards, Deng sent daily screenshots of returns and kept persuading Yang to add more funds. Under trust and the lure of high returns, Yang invested a total of 3.46 million yuan, agreeing to a lump-sum repayment of principal and interest upon maturity.

In April 2026, when the scheduled payout date arrived, Yang found that Deng had already blacklisted him and disappeared, so he reported to the police. Gao Ping Public Security traced the flow of funds and analyzed multi-dimensional data, locating Deng hiding in Hunan and Jiangxi. In late April, they traveled thousands of miles to arrest him and seized assets worth over 600,000 yuan related to the case.

According to investigations, Deng has no fixed income, is addicted to high consumption leading to heavy debts, and between late 2025 and March 2026, he fabricated virtual currency projects to deceive victims, with the stolen funds used for buying houses, cars, and paying off debts. Deng is currently under criminal detention, and efforts to recover stolen assets and mitigate losses are ongoing.