Armed police have been said to have raided TRON (TRX) office in Beijing after a Ponzi scheme allegedly linked to TRON carted away with billions of dollars funds of unsuspecting users.

People were seen at the TRON office chanting “TRON is a scam”, with police officer carrying out their duties, a Twitter user has said.

The Ponzi scheme used Tron’s Chinese name to perpetrate the said evil by naming its scam project a look alike of TRON’s name, resulting in unsuspecting TRON community members falling for the antics.

The participants of the Ponzi scheme lost billions of dollar. A victim, who could not bear the loss, committed suicide after he was defrauded thousands of dollars.

A Chinese site Nuclear Finance reported that TRON is known as “Wave Field” in China, saying the Ponzi scheme used “Wave Field Super Community” to defraud TRON users after claiming it is a partner of TRON Foundation.

Few days back, the platform shut down, carting away with nothing less than 200 million CNY ($30m). The identity of the founders of the Ponzi scheme have not been confirmed till this moment.

Chinese investors who participated in the Ponzi scheme are adamant that TRON is associated with the scheme since no official statement came from Justin Sun, the CEO of TRON Foundation, when the project was first launched.

The Ponzi scheme was first unveiled in January 2019, and claimed to be a super representative of TRON. Victims alleged that Justin Sun was earlier questioned on the scheme, but did not make any response.

Sun, however, responded after the platform shut down, stating that TRON has no relationship with any Ponzi-like scheme.

On the same day that Justin Sun responded, a letter of a woman who committed suicide due to the scam went viral on China’s social platforms.

It is not clear what police officers are doing in that environment. Available information made it clear that they are making investigations on the alleged involvement of TRON in the scheme.

The development is succeeded by a movement of 675,531,298 TRX approximately $23,582,727 was moved from an unknown wallet to another unknown wallet. It is not clear if the fund is in anyway associated with the Ponzi scheme.