(Yicai Global) Nov. 6 -- Telecom fraudsters have taken USD2.1 million from a unit of SLAC Precision Equipment, a maker of auto production equipment and spare parts that entered the blockchain business this year.

SLAC has reported the case to police, the Suzhou-based company said, adding that it has frozen over USD1.5 million of the money and is recovering the rest though the firm is not sure of the final impact. USD2.1 million represents 14 percent of its net profit last year.

Since the start of the year SLAC has been transitioning into a blockchain business -- a technology able to solve telecom frauds at source -- and penned a cooperation deal with Ant Group company Ant Blockchain Technology Shanghai in September.

SLAC is not the only listed company to fall foul of telecom fraud this year. Beijing Jingtou Yintai Property was tricked out of CNY26.7 million (USD4 million), six times its 2019 profit, parent company Metro Land said in June. Jiangxi Selon Industrial also suffered a similar fraud, with CNY2.98 million stolen from its bank account online, the firm said the same month.

Shares of SLAC [SHE: 300382] closed 1.2 percent lower today at CNY9.76 (USD1.48) each. The stock has gained 73 percent this year.

Editor: Peter Thomas