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September 10, 2009

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10,000-plus duped in Ponzi scheme

POLICE in northeast China's Heilongjiang Province have detained 39 key members of a Ponzi scheme organization which gained 500 million yuan (US$73.23 million) from 10,000-plus victims.

Twenty-seven of them had been arrested, police in Heilongjiang's Suihua City said.

Police have frozen more than 4 million yuan and the group's buildings, land, forest, automobiles, machinery and other facilities as well as its 1,100 square meters of real estate projects in Suihua, Sanya City of Hainan Province and Beihai City of Guangxi Zhuang Autonomous Region, according to a local news Website

Police said the group, under the name of Nanshan Water Conservancy Co Ltd, set up 14 offices since 2004 in Heilongjiang, Jilin and Liao-ning provinces to illegally absorb funds from investors by promising monthly returns of 6-8 percent.

Police set up special reception desks from July 30 to August 10 to have victims report their losses. Primary data indicates that there were more than 10,000 victims.


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