Ponzi schemer caught on train to Xiamen
By Xu Chi |
April 3, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI Railway Police have detained a man and a woman wanted by police for more than six months on suspicion of raising up to 11 million yuan (US$1.6 million) through a Ponzi scheme, officers announced yesterday.
The 52-year-old Zhejiang Province native man, surnamed Ying, was caught on a train from Shanghai to Xiamen, Fujian Province, on Wednesday, when he had planned to meet the woman, surnamed Huang, in their temporary apartment in Xiamen.
Huang was later caught at the apartment waiting for Ying.
The two suspects fled Shanghai six months ago with the money, and local police were still investigating the case, said Shanghai Railway Police official Yu Sheng.
Yu said Ying started a company with Huang several years ago but the company was on the verge of bankruptcy at the start of 2007.
As a result, Ying and Huang tried to raise funds in their company name from acquaintances and the public with promises of high returns.
Having collected about 11 million yuan by September last year, they fled to Xiamen where they planned to open a bar. Six months later, Ying secretly returned to Shanghai to look for suppliers but was caught on his way back to Xiamen on Wednesday.
The 52-year-old Zhejiang Province native man, surnamed Ying, was caught on a train from Shanghai to Xiamen, Fujian Province, on Wednesday, when he had planned to meet the woman, surnamed Huang, in their temporary apartment in Xiamen.
Huang was later caught at the apartment waiting for Ying.
The two suspects fled Shanghai six months ago with the money, and local police were still investigating the case, said Shanghai Railway Police official Yu Sheng.
Yu said Ying started a company with Huang several years ago but the company was on the verge of bankruptcy at the start of 2007.
As a result, Ying and Huang tried to raise funds in their company name from acquaintances and the public with promises of high returns.
Having collected about 11 million yuan by September last year, they fled to Xiamen where they planned to open a bar. Six months later, Ying secretly returned to Shanghai to look for suppliers but was caught on his way back to Xiamen on Wednesday.
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