Authorities charge individuals in separate multi-million dollar cryptocurrency scams

Law enforcement agencies have taken action against two separate cryptocurrency fraud schemes targeting victims.

In Michigan, Zhong Jiang, a 34-year-old man from Illinois, was arraigned in Delta County on charges of larceny by conversion. Authorities allege Jiang posed as a cryptocurrency investor to defraud an Escanaba man of more than $665,000. The victim reportedly provided over $500,000 for Bitcoin investments and later sent an additional $165,000 in cash via FedEx. Jiang was extradited from Wisconsin to face these charges.

In California, Zheng Zhao, a 44-year-old Chinese national, was arraigned following extradition from the Netherlands. Zhao is accused of participating in an international network operating from scam centers in Cambodia that targeted Americans through social media, phone calls, and dating services. The alleged scheme involved fraudulent trading platforms and moved more than $36.9 million through a bank account in the Bahamas. Prosecutors identified 174 U.S. victims in the case, and Zhao faces a charge of conspiracy to commit money laundering.