In China arrested the organizers of the «tea» Scam-project appropriated $47 million

According to a Chinese government Agency of the Guangdong Daily, may 14, the Shenzhen police have arrested six people suspected of organizing fraudulent project and assigning a cryptocurrency to $ 47 million from more than 3,000 Chinese investors.

According to investigators, the suspects founded in Shenzhen company called PEB, which in January of 2017 began to issue token Coin Puer. Project developers claimed that all the coins provided a rare breed Tibetan Puer tea, which they have in stock at the billions of dollars.

The token could later exchange on the secondary site Jubi.com. In addition, the organizers of the scheme have extended the informal information that, if you hold the token 12 months, you can get 12% per annum.

According to the police investigation, the company is really owned the stocks of the Tibetan tea but the amount strongly disagreed with the stated to investors numbers. In addition, the fraudsters manipulated the exchange rate of the token in the secondary market, which ultimately led to a twenty-fold increase in prices.

Investors were lured through advertising in social networks, as well as outdoor events in expensive hotels, where they promised quick and high returns.

Before closing the project, the PEB has received a warning and a fine of $ 20 million from the Chinese financial market regulator for the distribution of inaccurate advertising information.

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