TROY, MI — A Troy man was swindled out of hundreds of thousands of dollars in an online scam, according to police.
Police said the man joined an online messaging group that discussed topics such as health and financial advice earlier this year.
Members of the group encouraged the man to invest in U.S. and Chinese stocks, claiming they had access to an artificial intelligence program capable of accurately predicting market trends, according to police.
Police said the man made eight in-person payments, delivering cash and gold bars to multiple individuals between March and May 2026.
When he later tried to withdraw the investments, a group member told him that an additional payment was required before any funds could be released, according to police.
Police worked with the man to arrange another meeting with one of the scammers.
On July 22, investigators saw 32-year-old Yanling Xie arriving at the meeting and arrested him in connection with the scam, according to police.
Xie was charged with one count of false pretenses — $100,000 or more. He was placed in jail with a $100,000 bond. His next court date is scheduled for Aug. 6.
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