70-Year-Old Resident of Chongming, Shanghai, Nearly Loses RMB 100,000 in Pension Savings to “Bitcoin Investment” Scam; Police-Bank Collaboration Thwarts Fraud Twice

According to news reports from Shangguan News, on May 17, 2026, Mr. Gong, a man in his 70s from Shuxin Town, Chongming District, Shanghai, fell victim to a scam after trusting a fraudster posing as an “investment mentor” on a short-video platform. Lured by promises of “low investment and high returns,” he attempted to invest in Bitcoin and twice visited separate bank branches to withdraw RMB 100,000 in cash for transfer. Bank tellers, detecting anomalies, activated the anti-fraud early-warning mechanism and coordinated with local police to intervene and dissuade him. Police officers explained to the elderly man—using real-life cases—that virtual currency trading and speculation are explicitly prohibited in China, and that so-called “Bitcoin investments” are all scams. They also assisted him on the spot in uninstalling fraudulent apps and blocking the scammers’ WeChat accounts. After two patient rounds of persuasion by both police and banking staff, the elderly man finally recognized the scam and abandoned the transfer.