Police in Chengdu, capital of southwest China's Sichuan province, busted an online telecom fraud gang and arrested 200 suspects involved in more than 900 fraud cases across the country, police said Friday.

A victim reported to local police in March this year that he/she was cheated out of 870,000 yuan (about 126,630 U.S. dollars) on a platform for investing in gold, foreign currency and Bitcoin.

Preliminary investigation revealed a fake online investment platform, on which the suspects, in group chatting, pretended to be customers, experts and scholars to convince victims to invest. They gained their trust by rewarding the victims for their small investment in the beginning and then lured them to follow up with larger investments. They then kept all of the investors' money, claiming that the investments failed.

Police conducted an operation in mid-June and arrested 200 suspects, including 45 main culprits. They also seized nine vehicles, 210 computers, sealed up two properties and froze over 5 million yuan.

Further investigation is underway. 

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