Beijing police have frequently handled cases related to fraudulent online investments and wealth management in 2025, with the amounts defrauded ranking the highest among all telecom fraud cases, an official from the Beijing Public Security Bureau said on Tuesday.

Li Xiaoyan, director of the political department of the bureau's criminal investigation division, told a news conference that among fraud cases involving losses exceeding 1 million yuan ($140,815), nearly 70 percent were linked to online investment and wealth management scams.

The victims were predominantly middle-aged and elderly individuals, with those aged 46 and above accounting for 60 percent and those over 60 making up 20 percent, she said, adding that the oldest victim was 88 years old.

According to Li, fraudsters typically posed as financial advisers, investment mentors or consultants on social media platforms, posting information about investments such as stocks, foreign exchange and futures — particularly claims of "insider tips" or "high returns with low risk" — across various online channels to lure victims.

"Once targeting specific victims, the scammers invite them to join online groups and induce them to download apps for investment activities," she said. "They later block withdrawals under pretexts such as 'server maintenance,' 'bank account freezes' or 'policy violations,' demand additional funds for 'unfreezing,' and finally ignore or block the victims after successful fraud."

Qin Xiaobin, chief strategy adviser for wealth management at China Galaxy Securities, noted that in recent years, the market has seen numerous cases of fraudulent or illegal fundraising disguised as online investment and wealth management platforms.

He emphasized that the key to distinguishing between legal and illegal operations lies in recognizing that finance is a licensed industry and must operate with official authorization.

Zheng Yi, manager of the security department at the Beijing branch of the Industrial and Commercial Bank of China, reminded investors: "Be wary of any promise of 'high returns' that asks you to transfer, remit, withdraw cash or purchase gold to move your bank-held assets. Such schemes could be telecom fraud."