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Fraud ring arrested for pyramid scheme crime
By Wang Qingchu |
June 25, 2012, Monday
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Online Edition
Online Edition
SIXTY-EIGHT suspects have been arrested in northeast China's Heilongjiang Province for organizing in a pyramid scheme involving members in 22 provinces and swindling more than 20 million yuan (US$3.14 million).
The criminal ring claimed to offer high returns and has cheated money out of thousands of victims, police in Qiqihar City said.
Their leader, surnamed Zhou, said every member could receive a monthly salary after paying a 4,010-yuan membership and recruiting two new members.
Police said 147 people in Fuyu County had joined in the pyramid scheme and paid 589,000 yuan to the ring, Xinhua News Agency reported today.
Police have seized the group's assets totaling 4 million yuan.
The criminal ring claimed to offer high returns and has cheated money out of thousands of victims, police in Qiqihar City said.
Their leader, surnamed Zhou, said every member could receive a monthly salary after paying a 4,010-yuan membership and recruiting two new members.
Police said 147 people in Fuyu County had joined in the pyramid scheme and paid 589,000 yuan to the ring, Xinhua News Agency reported today.
Police have seized the group's assets totaling 4 million yuan.
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