Tycoon cheated out of millions in phone scam

A female business tycoon in Guangzhou was cheated out of 27 million yuan ($4.39 million) last October by a con man who convinced her to part with her money over the telephone, according to police.

The Guangzhou bureau of public security said the victim, surnamed Huang, 35, was telephoned on Oct 22 by a man who claimed to be a police officer and said that her personal financial data had been leaked and used for illegal money laundering.

Huang followed the man’s instructions over the telephone, downloading software that contained a Trojan virus in order to open a “safety account” in which to deposit her funds.

However, on Oct 31, Huang discovered that the money had been transferred from the “safety account” without her consent. She then contacted the police to report the incident.

Police looking into the case discovered the methods of the telephone swindler but are still trying to identify those involved.

The case is the biggest fraud case in the southern province of Guanzhou in recent years.