TROY (WWJ) -- Police say they've busted 32-year-old man responsible for an online investment scam that cheated a Troy resident out of hundreds of thousands of dollars in cash and gold bars.
The Troy Police Department said the suspect, Yanling Xie, was arrested on July 22 during a undercover operation.
Officers took Xie into custody without incident when he arrived at a predetermined location to collect a payment arranged by the victim and detectives, police said.
The investigation began back on July 7, when victim called police to report falling victim to a scheme that began earlier this year in an online messaging group.
Members of the group, which was focused on health and financial advice, convinced the Troy man invest in U.S. and Chinese stocks by claiming they used an AI program that could accurately predict market trends.
Between March and May, the resident handed over cash and gold bars across eight separate in-person meetings with various people. The scam unraveled when the victim tried to withdraw the supposed investment returns and was told he had to pay more money before any funds would be released, police said.
The Oakland County Prosecutor's Office has charged Xie with one count of false pretenses of $100,000 or more. He was arraigned on July 25 and given a $100,000 cash bond.
Police said the investigation into the broader fraud scheme remains ongoing.
The Troy PD offered this reminder to the public: "Cryptocurrency investment scams are on the rise. Be wary of anyone promising guaranteed returns or asking you to invest using cash, gold, or cryptocurrency. Once your money is sent, it is often gone for good."
