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'Angel' investor arrested for fraud

A VENTURE capitalist has been arrested for fraud involving 210 million yuan (US$30.7 million), police in east China's Zhejiang Province said yesterday.

Liu Xiaoren, 45, a legal representative of Hangzhou Hongding Venture Capital Co Ltd, had borrowed 210 million yuan since July 2006 by promising high interest rates and revenues.

Liu told creditors he needed the money to invest in Internet companies and start-up funds. Liu's Hangzhou Hongding is one of China's first venture capital companies.

Liu became famous in the industry and was nicknamed "Angel big brother" and "No. 1 Angel investor."


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