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The project's website says buyers of the token are entitled to hold a contract representing ownership of a certain amount of the Pu'er Tibetan tea the firm has in stock, which it claims to be worth billions of dollars.

While the token can be subsequently exchanged in a secondary market called Jubi.com, another website claims the contract can also bring a 12 percent annual return if investors choose to lock their funds for 12 months.

According to the police investigation, though the firm had only a "very limited amount of the tea in stock," it promised high short-term returns to investors in social media promotions and roadshows at high-end hotels.

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