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39 detained in Ponzi scheme crackdown
By Jane Chen |
September 9, 2009, Wednesday
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Online Edition
Online Edition
POLICE in northeast China's Heilongjiang Province have detained 39 key members of a Ponzi scheme organization which gained 500 million yuan (US$73.24 million) from 10,000 victims.
Twenty-seven of them have been arrested, Suihua City police said.
Police have frozen more than 4 million yuan and the group's buildings, land, forest, automobiles, machinery and other infrastructure 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 the local news Website www.dbw.cn.
Police said the group, under the name of Nanshan Water Conservancy Co Ltd, set up 14 offices since 2004 in northeast China's Heilongjiang, Jilin and Liaoning provinces to illegally absorb funds from investors by promising monthly returns of 6-8 percent.
Police set up reception desks from July 30 to August 10 to have victims report their losses. Primary data indicates that there were more than 10,000 people victims.
To help them retrieve their money, police encouraged others involved in the Ponzi scheme to surrender to the police. Those who do so will get leniency in punishment or even be exempt from penalties if they return the illegal income they took from the scheme, police said.
Twenty-seven of them have been arrested, Suihua City police said.
Police have frozen more than 4 million yuan and the group's buildings, land, forest, automobiles, machinery and other infrastructure 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 the local news Website www.dbw.cn.
Police said the group, under the name of Nanshan Water Conservancy Co Ltd, set up 14 offices since 2004 in northeast China's Heilongjiang, Jilin and Liaoning provinces to illegally absorb funds from investors by promising monthly returns of 6-8 percent.
Police set up reception desks from July 30 to August 10 to have victims report their losses. Primary data indicates that there were more than 10,000 people victims.
To help them retrieve their money, police encouraged others involved in the Ponzi scheme to surrender to the police. Those who do so will get leniency in punishment or even be exempt from penalties if they return the illegal income they took from the scheme, police said.
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