22 accused of fraud

By Chen Qian | September 21, 2009, Monday |

Online Edition

POLICE in Hunan Province have arrested 22 suspects of a fraud gang who allegedly swindled more than 20 million yuan (US$2.94 million) from stock buyers.

The suspected gang leaders, a couple, set up several investment consulting companies recruiting stock buyers in 2005, CNR.cn, the online service of China National Radio, reported today.

The couple hired people to pretend to be stock market analysts and broadcast advertisements reviewing the potential of stocks on TV, police allege.

This is Loudi City's biggest network fraud case in the past 31 years, the report said. Among the 22 suspects, 19 graduated from colleges and one had a degree.

The couple's TV advertisements asked viewers to call a number and leave contact details, the report said. Later their accomplices contacted those who responded and offering to help them earn profits of at least 30 percent.

They promised to offer accurate stock information and, allegedly swindling each buyer for several thousand yuan.

Their investment consulting companies are not registered with local industry and commercial authorities, the report said.

Police began to investigate after a victim surnamed Wang reported being scammed in June this year. Police are conducting further investigations.

Nation

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22 accused of fraud

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