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May 9, 2012

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Illicit financial cases soar

SHANGHAI reported a surge in illicit fund-raising and financial service foul play cases last year amid the city's increasingly active financial investment business and an intensified police clampdown.

The number of illicit fund-raising schemes rose by one-third while illegal financial business volume increased by more than 60 percent.

"Illicit fund-raising cases usually involved many victims with huge losses," said Gu Ying, an official with the Huangpu District Prosecutor's Office.

"I felt very sympathetic for these investors but they should also be blamed for eyeing only huge profits and turning a blind eye to investment risks."

Most suspects used to work in the financial field, according to the prosecutors.


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