Tea Speculation Scam: Uncovering the Changshi Tea Fraud in Mainland China

2023-12-11 03:42:12

More than 500 tea dealers in mainland China fell into the “tea speculation scam”, and Changshi Tea made nearly NT$2.2 billion in profits. (Picture/reproduced from Weibo)

There has been a “tea speculation” craze in mainland China recently, and many investors have fallen into the tea scam and suffered heavy losses! A tea company in Guangzhou called “Changshi Tea” used various channels to attract investment from tea merchants, claiming that it would “recycle” tea products at high prices, causing more than 500 tea merchants to be defrauded. However, the police have not yet obtained substantial evidence. , no case has yet been opened for investigation.

According to mainland media reports, Changshi Tea Company has been vigorously promoting the opening event since September, and at the same time launched a high-priced famous tea with a subscription price of 41,888 yuan (approximately NT$183,000), touting the tea’s high collection value and room for appreciation. After luring a large number of tea dealers to invest, the sales staff then used self-buying and self-selling techniques of “buying back at high prices” to drive up the market price, thereby maintaining investor confidence. In the past two months, the price of tea has been driven up to more than 70,000 yuan (approximately 70,000 yuan). NT$300,000).

It was not until Changshi Tea launched its fifth high-priced tea that the takeover party suddenly stopped moving. The tea industry collapsed overnight to 3,000 yuan (approximately NT$13,000), with an average drop of more than 40%, and more than 500 tea merchants Falling into the trap, the money was as high as 500 million yuan (approximately NT$2.19 billion).

The report pointed out that the person in charge of Changshi Tea has been arrested by the police for investigation, but because there is currently no evidence to prove the facts of the crime, the case has not yet been filed. In response, Changshi Tea also issued a clarification statement, denying involvement in tea price speculation. “The company has always advocated a rational consumption concept of tea and resolutely resisted illegal fund-raising, illegal futures trading and other illegal activities.”

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