249 detained for software fraud in Shenzhen

SHENZHEN - Over 200 suspects have been detained for allegedly swindling 40 million yuan (about $6.2 million) in South China's Shenzhen.

Police sources said the gang targeted stock market investors with so-called inside information through software they developed. The defrauders then used leveraging, modifying backstage data and high commissions to defraud clients.

In a joint operation carried out on June 13, the police stopped more than 300 people, of whom, 249 will face criminal charges. And 42.6 million yuan was frozen and more than 1,000 computers and cellphones confiscated in the action.

The case is under further investigation.