2 held over 5m yuan Ponzi scam
Print Edition
TWO people accused of running a Ponzi scheme that cheated investors out of more than 5 million yuan (US$807,000) have been detained, police said yesterday.
The suspects, whose names and gender were not released, are suspected of running a team of people who masqueraded as investment professionals.
Between September and February, the group, which had an office in Huangpu District, swindled more than 80 people aged between 53 and 81, police said.
Several of the victims — lured by the offer of annual returns on property investments of as high as 24 percent — claimed to have lost their life savings.
Most agreed to invest after being approached on the street by one of the company’s agents, police said.
On one occasion, 50 investors were flown to south China’s Guangdong Province to see the sites of the projects they believed they were financing.
In fact, they were random building sites to which the fraudulent company had no connection, police said.
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