The Ponzi scheme implemented through smart contracts is one of the most common scams on the blockchain platform. Although various learning-based Ponzi smart contract detection approaches have been proposed, they still suffer from several limitations, i.e., 1) extracting insufficient semantics and gathering Ponzi irrelevant components from the smart contract during feature engineering, and 2) underutilizing structured semantic features during model training. As the Ponzi scheme is an economic crime with the typical Rob-Peter-to-Pay-Paul transaction pattern, we propose a transaction semantic learning based approach to mitigate the above limitations. The fundamental idea of our approach is to represent the transaction-related semantics of a smart contract as a graph and utilize a graph convolutional network (GCN) to learn the potential Ponzi-like transaction pattern from it. We define a novel code representation named slice transaction property graph (sTPG) to represent the transaction-related semantics, which can encode multiple transaction-related semantics inside a smart contract function into a graph and eliminate other irrelevant fragments. Then, we propose a relation-sensitive GCN as the learning model to identify potential Ponzi-scheme-like transaction patterns from sTPG by considering both nodes and edges features in sTPG. We evaluate our approach on two datasets: 1) smart contracts collected from Forum and Public datasets, and 2) really deployed smart contracts on the Ethereum blockchain. The experiment results show that our approach outperforms the state-of-the-art learning-based approaches.