TROY – A 32-year-old man is facing fraud charges after police say he stole hundreds of thousands of dollars from a Troy resident through an investment scheme.
The Oakland County Prosecutor’s Office charged Yanling Xie, 32, with on count of false pretenses with intent to defraud $100,000 or more for his alleged involvement in the online scam, which involved soliciting for investments in U.S. and Chinese stocks via a messaging group.
According to the victim, who filed a complaint on July 7, group members encouraged investments by claiming they had access to an artificial intelligence program capable of predicting market trends.
The victim told police that they made eight in-person payments via cash and gold bars to multiple people from the group between March and May 2026. When the victim tried to withdraw the proceeds
Between March and May 2026, the victim made eight in-person payments via cash and gold bars to multiple individuals as part of investment scheme. But when they tried to withdraw the alleged proceeds, the victim was told an additional payment would be required before the funds could be released.
After making a police report, the victim arranged another meeting with one of the suspects with support from law enforcement, and the suspect was arrested without incident.
Xie was given a $100,000 cash bond with no %10 at his arraignment on Saturday. He will be due back in court for a probable cause conference at 9:15 a.m. on Aug. 6.
The investigation remains ongoing.
Cryptocurrency investment scams have been on the rise lately, according to Troy police, who are reminding residents to be wary of anyone promising guaranteed returns on investments or asking for investments to be made using cash, gold or crypto.
“Once your money is sent, it is often gone for good,” police said.