Core Points - A fraudulent app named "BRICS International" is luring investors with high cashback promises, claiming that its digital currency will rise from 100 yuan to 7000 yuan by the end of the year, comparable to Bitcoin [1] - The app has reportedly been downloaded over 490,000 times, targeting mainly middle-aged and elderly investors who have invested their life savings into this Ponzi scheme [3] - The fraudsters have impersonated the China International Engineering Consulting Corporation, falsely claiming it is the initiator of the "BRICS International Project" [3] - The app's operation is highly organized, utilizing offline seminars and social media groups to promote the investment opportunity [5] - Legal experts indicate that this behavior constitutes investment fraud, which could lead to severe penalties, including life imprisonment [7] Summary by Sections Fraudulent App and Claims - The "BRICS International" app promises returns on investments in a digital currency, claiming a significant price increase within a short period [1] - The app's internal structure includes fictitious investment projects and high return rates, such as a daily dividend of 0.5% [5] Victim Impact and Methods - Victims have been misled into believing in the legitimacy of the investment through organized presentations and misleading marketing tactics [5] - The app's server is located overseas, raising security concerns and indicating a potential for fund misappropriation [5] Historical Context and Legal Implications - This is not the first instance of the "BRICS" concept being used for financial fraud, with previous cases resulting in significant financial losses for investors [5] - Authorities emphasize the importance of verifying company credentials and being cautious of high-return promises, especially those appealing to national sentiment [7]