Shandong Dongying police cracked the city's first virtual currency fund-raising fraud case, involving more than 200 million yuan

On May 18, it was reported that the Economic and Technological Development Zone Branch of Dongying City Public Security Bureau in Shandong Province successfully detected the city's first virtual currency fund-raising fraud case. At present, the main culprit of the case, Wang Moumou, has been sentenced to 11 years and six months in prison. In February 2023, the Economic Investigation Brigade of Dongying City Public Security Bureau Economic and Technological Development Zone Branch found that the alleged offender Wang Moumou registered a company and issued virtual currency tokens CET without obtaining financial permission, promising high returns to investors, suspected of issuing virtual currency fund-raising fraud.
After investigation, in September 2021, Wang Moumou entrusted an internet company to develop an APP and issue a virtual currency token CET based on the wave field chain, through the organization of provincial agents to publicize an APP and virtual currency CET nationwide through video conferencing, WeChat and other means, and contacted and developed a large number of shareholders (traders), promised investors that the profit of investing in CET would increase by geometric multiples, attracting victims to invest. The police handling the case retrieved its background data, including 1039 pieces of registered member information, 241 people invested in CET, involving 23 provinces, municipalities and autonomous regions, and the amount involved reached more than 200 million yuan.