138 held for fund-raising
Source: Xinhua |
March 1, 2012, Thursday
|
Print Edition
Print Edition
POLICE in east China's Shandong Province said yesterday that they have detained 138 suspects for illegal fund-raising as part of a crackdown on the practice.
Police have opened 87 cases since the crackdown started in November. A total of 3.3 billion yuan (US$524 million) was involved, provincial police department officials said.
Police have already cracked 51 of the cases, arresting 138 people, said Zhu Chenxi, an official with the department.
China has been cracking down on fund-raising, a practice that has boomed in recent years due to the difficulties small businesses have in obtaining loans.
From March to August, the Ministry of Public Security will conduct a nationwide campaign to crack down on economic crimes.
Earlier this month, police in the eastern province of Zhejiang detained the head of an education group, as his firm owed 4.5 billion yuan to over 7,000 private creditors.
Also in Zhejiang, a court in January upheld a death sentence for Wu Ying, a once-wealthy businesswoman who was convicted of fund-raising-related fraud.
Police have opened 87 cases since the crackdown started in November. A total of 3.3 billion yuan (US$524 million) was involved, provincial police department officials said.
Police have already cracked 51 of the cases, arresting 138 people, said Zhu Chenxi, an official with the department.
China has been cracking down on fund-raising, a practice that has boomed in recent years due to the difficulties small businesses have in obtaining loans.
From March to August, the Ministry of Public Security will conduct a nationwide campaign to crack down on economic crimes.
Earlier this month, police in the eastern province of Zhejiang detained the head of an education group, as his firm owed 4.5 billion yuan to over 7,000 private creditors.
Also in Zhejiang, a court in January upheld a death sentence for Wu Ying, a once-wealthy businesswoman who was convicted of fund-raising-related fraud.
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