KINGMAN, AZ – A Kingman resident reportedly lost $113,000 in an alleged cryptocurrency investment scam after befriending an individual on social media approximately six months ago, according to the Mohave County Sheriff’s Office.
Investigators say the victim was persuaded to invest in cryptocurrencies and handed over cash on three separate occasions totaling $113,000. The victim was reportedly provided with a fake phone application that falsely showed investment gains and accrued interest.
According to authorities, the victim would photograph the cash and send the image to the suspect. The suspect would then send a photograph of a one-dollar bill, which was later used to identify a “courier” assigned to collect the money. The courier would meet the victim at a local business in the 3700 block of N. Stockton Hill Road and present the matching one-dollar bill before receiving the cash.
After realizing he had been scammed, the victim contacted the Mohave County Sheriff’s Office. Despite this, the suspect allegedly continued communicating with the victim and requested an additional $100,000, later reducing the amount to $65,000.
Detectives assumed the identity of the victim and arranged another cash transfer. With assistance from a local bank, investigators provided photographs of the requested cash and coordinated a meeting with the suspected courier.
On Friday, June 12, detectives with the Mohave County Sheriff’s Office, assisted by the Kingman Police Department Street Crimes Unit, conducted an operation in the 3700 block of N. Stockton Hill Road. At approximately 12:12 p.m., the courier arrived and was taken into custody without incident.
The suspect was identified as Jay Jin Xia, 40, of Hacienda Heights, California. Investigators say Xia was found in possession of evidence, including the phone used for communications and the one-dollar bill allegedly linking him to the scheme.
Xia was booked into the Mohave County Adult Detention Facility on a charge of Fraud. Additional charges are pending as the investigation continues.
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