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City police net 53 economic crime suspects once at large overseas
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MIAO Youchun, a major suspect in the high-profile Baiyin Wealth Co fraud to which about 3,000 investors lost over 200 million yuan (US$30 million), has been netted in the Philippines, Shanghai police announced on Tuesday.
Meanwhile, about half of the illegally absorbed money in this case has been recovered so far, police said.
Miao fled China in January last year as clients of his company, based in Yangpu District, started to complain about problems withdrawing funds. By that time the company had only little left in its account, police said.
Miao and Lai Changfeng, respectively the legal representative and another major suspect in the case, allegedly promised 8 to 15 percent annual return to mortgaged real estate properties and cars of the clients.
Lai is now being questioned at the immigration authorities of Canada, and police said they're seeking to have the suspect repatriated.
Police in the Philippines helped in locating Miao, who was internationally hunted under an Interpol red notice.
Miao is one of the 53 economic crime suspects once at large overseas caught by Shanghai police in the first half of this year in the "Fox Hunt" offensive which has reached out to over 20 countries around the world.
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