As of last month, GASO had connected more than 1100 victims who together have lost more than $US178 million ($246 million) in the shazhupan scams.
“Chinese scammers started their ploys at home and exported their trade worldwide when China police started to crack down,” Mr Santiago said.
“Many now operate in south-east Asian countries from where they target individuals in developed nations like Singapore, the United States and Australia. A disproportionate number of victims are well-educated, successful in their careers and/or high net worth,” Mr Santiago said.
Fake investment platforms “clone” legitimate companies so they can trade off their credentials.
Michael has been unable to recover any of the $400,000 he transferred to bank accounts nominated by Sophie Zhao, the senior client manager at the brokerage, Bedbrook International, that Clara recommended.
The police investigation into his case confirmed Bedbrook was a sham. It had “cloned” the identity of a Perth company to convince Michael – and no doubt others – that it was registered with the Australian Securities and Investments Commission.
“Police have determined that Bedbrook International is an international fraud syndicate using a sophisticated website to facilitate the deception of victims,” a NSW Police fact sheet for the case advises.
Unusually, someone involved in taking Michael’s money has gone to jail, but experts suggest this person was a long way from those reaping most of the…
