5 nabbed for defrauding local seniors
Print Edition
Five suspects have been caught for allegedly running a fundraising fraud against elderly people, Shanghai police said yesterday.
The suspects, running a company called 鈥淛iayi鈥 in Shanghai, have allegedly defrauded over 30 million yuan (US$4.6 million) with fake financial products.
Police in Huangpu District said they started their investigation late last year after receiving clues about the fraud.
The suspects allegedly obtained the personal information of elderly people who had purchased some life insurance and hired people to contact them fictitiously in the name of insurance brokers.
The potential victims were summoned to their office and tricked into purchasing some financial product which guaranteed 6 to 6.5 percent of returns annually, but which actually didn鈥檛 exist, police said.
After the suspects were caught, police immediately froze their company鈥檚 bank accounts and have so far recovered 5 million yuan for the victims, police said.
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