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GUANGZHOU, Nov. 2 -- Guangdong Police announced that they had disbanded 60 online-fraud syndicates in the last five months.

In what has been described as an "intense crackdown" on online fraud in over 21 cities and counties in Guangdong, police say they have apprehended more than 480 suspects.

The fraudsters invented new schemes to capitalize on the wide-use of virtual money, often requesting money in the guise of "charity work." The schemes were estimated to have swindled people out of over two billion yuan (about 300 million U.S. dollars).

The five-month investigation included the discovery of two major fraud gangs, according to police.

From January to September, Guangdong police handled 680 cases related to illegal fund-raising and pyramid schemes online, up 24 percent year on year. More than 1,370 people have been apprehended in the period, up 71.3 percent year on year, it said.

The police promised that the campaign will continue unabated, but reminded the public to be wary when approached by people with unsolicited money requests.