291 arrests over huge pyramid scheme
By Xiao Li |
April 9, 2012, Monday
|
Print Edition
Print Edition
POLICE in a southern China city said yesterday that they have arrested 291 people in connection with a huge pyramid scheme.
The suspects cheated thousands of people out of tens of millions of yuan between 2009 and this year, police said.
The Public Security Bureau of Nanning, capital of Guangxi Zhuang Autonomous Region, said it froze nearly 67 million yuan (US$10.65 million) in bank accounts related to the alleged fraud.
Police also confiscated a large number of luxury cars, computers, account books and telephone cards.
Victims were enticed by promises of quick, big profits. They paid entry fees and were encouraged to recruit more people to expand the network.
Police gave no details of the businesses the suspects were allegedly operating.
Thousands of people across China - including in Sichuan, Shandong and Gansu provinces and the Xinjiang Uygur Autonomous Region - were swindled, said officers.
The scheme was rare in China for its large size, said Lu Wen, deputy director of the Nanning public security bureau.
The city's economic criminal investigation squad uncovered the alleged scam last November and 500 police forces were mobilized for a mass raids last Friday and Saturday.
Those arrested included the alleged ringleader, surnamed Chang, and 62 lieutenants.
The suspects cheated thousands of people out of tens of millions of yuan between 2009 and this year, police said.
The Public Security Bureau of Nanning, capital of Guangxi Zhuang Autonomous Region, said it froze nearly 67 million yuan (US$10.65 million) in bank accounts related to the alleged fraud.
Police also confiscated a large number of luxury cars, computers, account books and telephone cards.
Victims were enticed by promises of quick, big profits. They paid entry fees and were encouraged to recruit more people to expand the network.
Police gave no details of the businesses the suspects were allegedly operating.
Thousands of people across China - including in Sichuan, Shandong and Gansu provinces and the Xinjiang Uygur Autonomous Region - were swindled, said officers.
The scheme was rare in China for its large size, said Lu Wen, deputy director of the Nanning public security bureau.
The city's economic criminal investigation squad uncovered the alleged scam last November and 500 police forces were mobilized for a mass raids last Friday and Saturday.
Those arrested included the alleged ringleader, surnamed Chang, and 62 lieutenants.
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