China seeks to seize 61,800 BTC tied to $5.7 billion fraud scheme

Chinese prosecutors have moved to seize more than 61,800 Bitcoin linked to a massive fraud case worth over 40 billion yuan, roughly $5.7 billion, according to reporting by Chinese outlet The Paper . The case centers on Qian Zhimin, the alleged controller of Tianjin Lantian Gree Electronic Technology. Prosecutors say that from 2014 to 2017, the company sold unlicensed wealth-management products across China, promising guaranteed principal and high returns. The scheme raised more than 40.378 billion yuan from more than 102,000 investors, who lost nearly 20 billion yuan.

Also reported by TheCoinrise.

Source: CoinDesk