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Two indicted for cheating 900 people in Ponzi scheme
By Zhao Wen |
February 7, 2012, Tuesday
|
Online Edition
Online Edition
TWO Ponzi scheme suspects who allegedly swindled nearly 900 victims out of more than 150 million yuan (US$23.78 million) have been indicted for fraud and illegal fund raise, Shanghai prosecutors said today.
The pair, surnamed Ning and Dai, bought the rights to cultivate and exploit forests in Hubei Province and wanted to sell their rights to investors through a Shanghai company by promising an annual return of 10 to 13 percent.
Between March 2006 and December 2010, more than 33.4 million yuan was raised through the company, the prosecutors said, and they raised another 55.85 million yuan through the Ponzi scheme.
From November 2007 to June 2008, the pair persuaded investors to convert their rights, worth 67.97 million yuan, into the shares of a company that they claimed would be listed overseas.
The pair, surnamed Ning and Dai, bought the rights to cultivate and exploit forests in Hubei Province and wanted to sell their rights to investors through a Shanghai company by promising an annual return of 10 to 13 percent.
Between March 2006 and December 2010, more than 33.4 million yuan was raised through the company, the prosecutors said, and they raised another 55.85 million yuan through the Ponzi scheme.
From November 2007 to June 2008, the pair persuaded investors to convert their rights, worth 67.97 million yuan, into the shares of a company that they claimed would be listed overseas.
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