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118 put on trial for 100m yuan pyramid scheme
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THE trial of 118 people accused of fund raising scam continued in a south China court yesterday.
The defendants, including leaders of the pyramid scheme, began their trial on Sunday at Nanning Intermediate People’s Court in Guangxi Zhuang Autonomous Region.
The multi-level marketing network, running since 2008, had nearly 2,000 members.
Each new member was asked to pay 3,800 yuan (US$624) to 69,000 yuan on the promise of profits and promotions.
Members of the network came from several provinces or regions, including Xinjiang, Anhui, Sichuan, Shandong and Gansu. The “pure capital operation” scam involved more than 100 million yuan.
The ring was busted in April 2012. The trial is expected to last 11 days.
Pyramid selling has been banned in China since 1998.
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