Investment Fraud Case Involving Tong Min Shakes the Gaming Industry
Recently, the “self-investment” scandal involving Tong Min has become a focal point in China. Notably, this woman is a principal of a well-known private institution. However, Tong Min has made headlines for allegedly causing a stir related to a fraud scheme that defrauded over 50 million citizens (nearly 200 billion VND).
Specifically, Tong Min is suspected of using sophisticated methods to embezzle funds from her relatives, friends, and collaborators by luring them into investment projects, distributing illicit profits, and even involving public schools.
From 2015 to 2021, Tong Min reportedly convinced 29 individuals to sign investment contracts under the guise of “confidentiality,” leading them to trust her personally. No one realized the significant amount of money that was being funneled to her for… investments in online games. After being investigated by the police and pressured by legal enforcement, Tong Min made a “disappearing act” in May 2021, abandoning a complex scheme involving vast amounts of money that could not be recovered.
Investment Fraud Impacting Game Publishers
It is noteworthy that the games Tong Min used the funds for primarily included “gaming investments” targeting the two major companies, Tencent and NetEase. Following the unexpected arrest of the perpetrator, numerous victims have come forward to demand refunds for the funds that were considered illegitimate due to the investments made by Tong Min over an extended period.
According to NetEase, Tong Min utilized up to 11 fake accounts, depositing over 7 million citizens’ money during the period from 2017 to 2021. However, reports from the police investigation indicate that the actual amount could be as high as 30 million citizens’ money.
In summary, although the main figure has been apprehended, the legal, financial, and ethical implications of the case continue to unfold. The case raises significant alarms regarding the exploitation of personal trust to perpetrate fraud, as well as the ongoing issues of “gaming addiction” that can lead to devastating impacts on lives and reputations. While the court has yet to deliver a final verdict, the victims can only hope to recover some of the lost assets, while the scandal continues to reverberate through the gaming industry.
Source: KH01
