A resident of Illinois faces charges in Delta County after allegedly defrauding an individual from Escanaba out of over $660,000 through a cryptocurrency scam.
Zhong Jiang, aged 34 and hailing from Orland Hills, Illinois, had his arraignment on Monday at the 94th District Court in Escanaba, facing a charge of larceny by conversion exceeding $100,000. Bail was established at $400,000, with the case set to return to court the following Thursday.
The Michigan State Police’s Gladstone Post initiated an investigation in July when the Escanaba victim reported meeting Jiang, who was pretending to be a cryptocurrency investor. The victim initially invested more than $500,000 into Bitcoin and subsequently sent an additional $165,000 in cash via FedEx to multiple out-of-state addresses, bringing the total amount surrendered to over $665,000 in U.S. funds, as detailed in an MSP news release. According to MSP, Jiang did not hold any valid status as an investor or broker.
The Delta County prosecutor’s office reviewed the case, resulting in the issuance of a felony arrest warrant. Jiang was extradited from Waukesha, Wisconsin, where he was already incarcerated on similar accusations. He was brought to the Delta County Jail on October 15 and remained there as of Wednesday.
The investigation was supported by several agencies including the Delta County Prosecutor’s Office, Escanaba Public Safety, Homeland Security Investigations, the Delafield Police Department from Wisconsin, the Sheriff’s Office of Waukesha County, and the Internal Revenue Service.
“The outstanding efforts of the detectives and troopers, including all who contributed to this case, are commendable,” stated Lt. Ben Eckola, a public information officer for MSP’s Eighth District. “Unfortunately, scams like these can occur anywhere, impacting anyone. If you have doubts about a scheme’s legitimacy, reach out to local law enforcement prior to sending any money. We are here to assist you, clarify your concerns, and help protect you from potential scams.”
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The Daily Press in Escanaba played a role in this report.