Pyramid boss took 10m yuan from 100
By Ni Yinbin |
April 27, 2013, Saturday
|
Print Edition
Print Edition
A WOMAN has been detained for organizing an illegal pyramid scheme that signed up nearly 100 people and took in nearly 10 million yuan (US$1.6 million), police said.
The suspect, surnamed Weng, from Zhejiang Province, claimed to a victim that she was a regional manager of a jewelry company based in Shenzhen that owned a jade reserve.
The 42-year-old always projected a prosperous image by wearing expensive clothes and driving luxury cars, police said. Most participants were middle-aged women who wanted to be like her, officials said.
Pyramid schemes involve promising participants payment or services, mostly for enrolling others, rather than producing anything real of value.
Weng started her illegal business in June, police said. She said a client could earn the membership by purchasing a 30,000 yuan jade pendant or bracelet. Many residents joined and one, surnamed Yang, sold her house to invest more than 700,000 yuan in Weng's business.
The suspect, surnamed Weng, from Zhejiang Province, claimed to a victim that she was a regional manager of a jewelry company based in Shenzhen that owned a jade reserve.
The 42-year-old always projected a prosperous image by wearing expensive clothes and driving luxury cars, police said. Most participants were middle-aged women who wanted to be like her, officials said.
Pyramid schemes involve promising participants payment or services, mostly for enrolling others, rather than producing anything real of value.
Weng started her illegal business in June, police said. She said a client could earn the membership by purchasing a 30,000 yuan jade pendant or bracelet. Many residents joined and one, surnamed Yang, sold her house to invest more than 700,000 yuan in Weng's business.
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