249 detained in China for software fraud

Cyber attack Photograph:( Reuters )

PTI Beijing, China Jun 21, 2018, 10.42 PM (IST)

Nearly 250 suspects have been detained for allegedly swindling about $6.2 million in a software fraud and more than 1,000 computers as well as cell phones confiscated in a joint operation in China's Shenzhen city, police said.

According to the police, the gang targeted stock market investors with so-called inside information through the software they had developed.

The defrauders then used leveraging, modifying backstage data and high commissions to defraud clients, state-run Xinhua news agency quoted police officials as saying.

In a joint operation carried out on June 13, the police stopped more than 300 people, of whom 249 will face criminal charges.

42.6 million yuan ($6.5 million) was frozen and more than 1,000 computers and cell phones confiscated in the action, the report said.

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