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September 15, 2009

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Bigwigs lose their millions in scheme

A COUNTY lawmaker in northwest China's Shaanxi Province has been detained for allegedly running an illegal foreign exchange business and cheating 40 million yuan (US$5.86 million) from about 100 locals.

Most victims are wealthy people ranging from government officials to high-paid office workers, Shaanxi-based Chinese Business reported yesterday. Police are still investigating the case.

Victims claimed that Li Jingang, 37, a lawmaker in Xunyang County, Ankang City, started to operate a foreign exchange brokerage three years ago.

Attracted by the promise of high returns, they gave money to Li to trade in foreign currencies but discovered losses could total 40 million yuan, or one-third of the county's income last year.


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