Authorities claim that a man from Naperville is one of four people charged in a cryptocurrency investment scam that involves “pig butchering.”
The U.S. Department of Justice announced that four individuals, including a man from Naperville, had been indicted on federal charges related to the laundering of proceeds from a cryptocurrency investment scam.
According to a press release, Hailong Zhu, 40, has been charged with international money laundering, concealment money laundering, and conspiracy to commit money laundering.
Tata Investment Share Price: Investment 40 Scam that Involves Pig Butchering
California residents Joseph Wong of Rosemead, Justin Walker of Cypress, and Lu Zhang of Alhambra are all facing the same charges. The Los Angeles U.S. Attorney’s Office is prosecuting the case.
The press release claimed that Zhang, Walker, Wong, and Zhu had planned to create shell businesses and bank accounts in order to launder the money obtained from victims of fraudulent schemes.
Including “pig butchering,” which involved cryptocurrency investment scams.
The money used in the fraud schemes was purportedly moved by them to both local and foreign financial institutions.
At least 284 transactions were part of the larger fraud scheme in the associated pig-butchering syndicate, which caused victim losses totaling more than $80 million.
According to the release, scammers meet their victims through dating services, social media, unsolicited phone calls, or messages. This practice is known as “pig butchering,” which is a term borrowed from a foreign language used to describe the crimes.
By introducing the victims to other members of the scheme, the con artists use the relationships they build with them to convince them to invest in a cryptocurrency-based business.
“Once money is transferred to accounts under the control of scammers, the investing platform frequently presents the alleged investment as having made sizable gains, and the
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