Illinois Man Zhong Jiang Charged After Escanaba Resident Lost About $665,000 in Cash to a Fake Bitcoin Investor

Published Oct. 22, 2026. Case status is current as of that date.

An Escanaba, Michigan, man believed he was investing in Bitcoin. According to Michigan State Police, he handed more than $500,000 in cash to the man he thought was his crypto investor, then mailed another $165,000 in cash to out-of-state addresses. Police allege it was a scam.

Zhong Jiang, 34, of Orland Hills, Illinois, was arraigned on Monday, Oct. 19, 2026, in Michigan's 94th District Court in Delta County on one count of larceny by conversion of $100,000 or more, according to a Michigan State Police news release reported by TV6 (WLUC) and the Escanaba Daily Press [1][2].

Important: Jiang has been charged, not convicted, and is presumed innocent unless and until proven guilty in court. We found no public statement from Jiang or an attorney for him.

Status: Charged (Michigan state court, Delta County). Bond was set at $400,000 cash/surety with a GPS tether, and he remained in the Delta County Jail as of Oct. 21. His next court date is Oct. 29, 2026 [1][2].

What police say happened

According to the Michigan State Police release, as reported by both outlets [1][2]:

• July 2026: The MSP Gladstone Post opened an investigation after an Escanaba man reported a scam. He had been talking with a person later identified as Jiang, who posed as a cryptocurrency investor. The man thought he was investing in Bitcoin.
• The cash handoff: On one occasion, the man met with Jiang in person and gave him more than $500,000 in U.S. currency, police said.
• The mailed cash: After that, another $165,000 in cash was sent by FedEx to addresses out of state, bringing the total to about $665,000.
• The charge: MSP said Jiang was not a legitimate investor or broker [2]. The case was sent to the Delta County Prosecutor's Office, which issued a felony arrest warrant.
• Extradition: Jiang was being held in jail in Waukesha, Wisconsin, on similar charges for alleged crimes committed in Wisconsin, police said. MSP extradited him to Michigan, and he was lodged in the Delta County Jail on Thursday, Oct. 15 [2].

Police also said Jiang is alleged to have committed similar crimes out of state and had suspected connections to organized crime [2]. Police did not name any organization, and we have not confirmed the details of the Wisconsin case (unconfirmed).

MSP was assisted by the Delta County Prosecutor's Office, Escanaba Public Safety, Homeland Security Investigations, the Delafield (Wis.) Police Department, the Waukesha County Sheriff's Office and the IRS [1][2].

Why cash is a warning sign in a "crypto" deal

The police account does not explain how the Bitcoin pitch began or what the victim was shown. But the shape of the case is a red flag in itself: a supposed cryptocurrency investment that is paid for with stacks of cash handed over in person and more cash sent through a shipping company. Legitimate crypto platforms generally have you fund an account in your own name, not hand cash to an individual.

"Unfortunately, scams like this can happen anywhere and anyone can be targeted," said Lt. Ben Eckola, MSP Eighth District public information officer. "If you're unsure if something is legitimate, contact your local law enforcement before sending money. We're happy to talk with you, answer your questions, and try to help prevent something like this from happening to you" [1].

Red flags

• An "investor" or "broker" who wants cash, in person or by mail, to buy cryptocurrency for you.
• Instructions to ship cash through FedEx, UPS or the mail, often hidden in packaging.
• No account in your own name on a regulated exchange that you can log in to and withdraw from.
• Big promised gains from someone you met by phone, text or online.
• Secrecy and urgency, such as being told not to tell your bank or family.

What to do if you're targeted

1. Stop before you hand over or mail cash. Call your local police, as MSP urges, or talk with someone you trust.
2. Verify the "investor." Check brokers on FINRA BrokerCheck at brokercheck.finra.org [3], and don't rely on websites or apps the person sends you.
3. If you already sent money, report it right away to local police and the FBI at ic3.gov [4]. If you shipped cash, contact the shipping company immediately with the tracking number; packages can sometimes be stopped.
4. Watch for "recovery" offers. People who promise to get your money back for a fee are often running a second scam.

Case status (as of Oct. 22, 2026)

Defendant	Court	Status as of Oct. 22, 2026	Source
Zhong Jiang, 34, Orland Hills, Ill.	Michigan 94th District Court, Delta County	Charged with larceny by conversion, $100,000 or more; arraigned Oct. 19, 2026; bond $400,000 cash/surety with GPS tether; in Delta County Jail as of Oct. 21; next court date Oct. 29; presumed innocent	[1][2]
Zhong Jiang	Wisconsin (Waukesha County)	Police say he was being held on similar charges; details unconfirmed (status pending); presumed innocent	[1][2]

Statuses can change. Those not convicted are presumed innocent.

Sources

1. TV6 News Team, WLUC-TV6, "Suspect arrested after $665K scam of Escanaba resident," Oct. 21, 2026 (citing a Michigan State Police news release). https://www.uppermichiganssource.com/2026/10/21/suspect-arrested-after-665k-scam-escanaba-resident/
2. Sophie Vogelmann, Daily Press (Escanaba), "Illinois man arrested for $665K scam of Escanaba man," Oct. 22, 2026 (citing a Michigan State Police news release). https://www.dailypress.net/news/local-news/2026/10/illinois-man-arrested-in-alleged-665k-escanaba-bitcoin-scam/
3. FINRA BrokerCheck (accessed Oct. 22, 2026). https://brokercheck.finra.org/
4. FBI Internet Crime Complaint Center (IC3) (accessed Oct. 22, 2026). https://www.ic3.gov/

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