An Illinois man has been charged in Michigan after Michigan State Police said an Escanaba resident lost about $665,000 in an alleged cryptocurrency scam — yaani roughly 6.65 lakh dollars handed over in cash and shipments while believing the money was being invested in Bitcoin.

Source: Michigan State Police via The Daily Press, Escanaba

Police identified the suspect as Zhong Jiang, 34, of Orland Hills, Illinois. He was arraigned on Monday, October 19, in Delta County's 94th District Court in Escanaba on one count of larceny by conversion of $100,000 or more, according to the Michigan State Police release reported by the Daily Press and by CoinDesk. If convicted, the charge carries up to 10 years in prison. The charge is an allegation, and Jiang is presumed innocent unless proven guilty.

How police say the money moved

The MSP Gladstone Post opened the investigation in July after the Escanaba man reported the alleged scam. Investigators said the man had been communicating with Jiang, who allegedly presented himself as a cryptocurrency investor. Police said Jiang was not a legitimate investor or broker — that is the agency's allegation in the case.

According to police, the man met Jiang in person and gave him more than $500,000 in U.S. currency, then later sent an additional $165,000 in cash via FedEx to out-of-state addresses, for a total of about $665,000.

The case was sent to the Delta County Prosecutor's Office, which issued a felony arrest warrant. Michigan State Police extradited Jiang from Waukesha, Wisconsin, where he was being held on similar charges in that state, and he was lodged in the Delta County Jail on October 15. Bond was set at $400,000 cash/surety with a GPS tether, and the case is scheduled to return to court on October 29, CryptoNews reported, citing Michigan State Police.

Source: CryptoNews / Michigan State Police

Michigan State Police said it was assisted by the Delta County Prosecutor's Office, Escanaba Public Safety, Homeland Security Investigations, the Delafield Police Department in Wisconsin, the Waukesha County Sheriff's Office and the Internal Revenue Service.

"Unfortunately, scams like this can happen anywhere and anyone can be targeted. If you're unsure if something is legitimate, contact your local law enforcement before sending money," said Lt. Ben Eckola, the Michigan State Police Eighth District public information officer, in the release.