All articles tagged with #telecom fraud
China executed 11 members of a Myanmar-based telecom and internet fraud syndicate, highlighting Beijing’s ongoing crime crackdown across borders. The move follows earlier cooperation that saw Myanmar police hand over suspects to Chinese authorities in 2023.
BlackRock's recent acquisition of HPS Investment Partners revealed a $150 million loss due to a fraudulent telecom loan backed by fake collateral, involving lawsuits against businessman Bankim Brahmbhatt, highlighting risks in asset-based finance amid broader credit market concerns.
A Chinese court sentenced 16 individuals linked to a Myanmar-based crime family to death for involvement in telecom fraud, drug trafficking, and prostitution, with some sentences under reprieve, highlighting cross-border criminal activities involving over US$1.4 billion.
Myanmar has handed over more than 31,000 telecom fraud suspects to China since September, including financiers and ringleaders of crime syndicates. Chinese authorities have reported that over 100,000 people engage in telecom fraud each day in Myanmar, with at least 1,000 scam centers operating in the country. Chinese police have been cracking down on the fraud and recently launched "swift attacks" on crime gangs in Myanmar. With the surge in telecom scams targeting Chinese citizens, China has expressed readiness to work with Myanmar in tackling cross-border crime, including online gambling.