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Scam defrauds 33 of 7.3 million yuan
By Jane Chen |
November 24, 2009, Tuesday
|
Online Edition
Online Edition
TWO jobless men have been charged with fraud after allegedly cheating 7.3 million yuan (US$1.07 million) from 33 victims in an overseas investment scam.
Ding Zhen, 26, and He Min, 30, were accused of setting up a fake investment firm in March 2008 claiming to help individual investors to buy into the Hong Kong market, today's Oriental Morning Post reported.
To make their company look official, they launched a Website with a domain name originating in Hong Kong, prosecutors said. They also set up five offices in high-end office buildings from May to November last year.
The company managed to attract 33 investors to hand over 7.3 million yuan, the report said.
Some victims realized it could be a scam after the firm failed to pay dividends as promised, and then reported them to the police.
Ding and He were caught in February this year in Hainan Province. Other workers in the firm were caught later.
Ding Zhen, 26, and He Min, 30, were accused of setting up a fake investment firm in March 2008 claiming to help individual investors to buy into the Hong Kong market, today's Oriental Morning Post reported.
To make their company look official, they launched a Website with a domain name originating in Hong Kong, prosecutors said. They also set up five offices in high-end office buildings from May to November last year.
The company managed to attract 33 investors to hand over 7.3 million yuan, the report said.
Some victims realized it could be a scam after the firm failed to pay dividends as promised, and then reported them to the police.
Ding and He were caught in February this year in Hainan Province. Other workers in the firm were caught later.
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