Police bust pyramid ring involving 500
By Ni Yinbin |
August 20, 2012, Monday
|
Print Edition
Print Edition
POLICE said yesterday that they have cracked down on a pyramid selling ring in the city involving more than 500 participants.
A total of 35 suspects had been detained in the case. Twenty-six have been transferred for trial while nine were out on bail, police said.
Police said they received a tip in April that the ring, under a company named Sichuan Jiufeng Medicine Co Ltd, was recruiting members to sell health products since January in Shihua area of suburban Jinshan District and that the business mode was similar to pyramid selling.
"Every new member was asked to pay 50,000 yuan (US$7,859) to enter the group and was promised that it would be returned with high profits," said Sheng Dongyun, an officer of Jinshan police. "Once they joined the ring, they just started to develop new members."
More than 18 million yuan was involved in the case, police said.
"They started (the pyramid ring) in January this year and by May there were more than 500 people with over 20 levels," Sheng added.
After months of investigating the company, police said they confirmed it was a pyramid ring and launched a crackdown on May 17, police said.
The 35 suspects, all core members of the ring, were caught at the company in a building on Chang'an Road in Zhabei District, police said.
A total of 35 suspects had been detained in the case. Twenty-six have been transferred for trial while nine were out on bail, police said.
Police said they received a tip in April that the ring, under a company named Sichuan Jiufeng Medicine Co Ltd, was recruiting members to sell health products since January in Shihua area of suburban Jinshan District and that the business mode was similar to pyramid selling.
"Every new member was asked to pay 50,000 yuan (US$7,859) to enter the group and was promised that it would be returned with high profits," said Sheng Dongyun, an officer of Jinshan police. "Once they joined the ring, they just started to develop new members."
More than 18 million yuan was involved in the case, police said.
"They started (the pyramid ring) in January this year and by May there were more than 500 people with over 20 levels," Sheng added.
After months of investigating the company, police said they confirmed it was a pyramid ring and launched a crackdown on May 17, police said.
The 35 suspects, all core members of the ring, were caught at the company in a building on Chang'an Road in Zhabei District, police said.
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