Investment 'Trick'
Source: Xinhua |
May 7, 2011, Saturday
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Print Edition
Print Edition
AN entrepreneur and deputy director of a charity in east China's Jiangsu Province has been arrested for allegedly tricking more than 400 people into investing in his company in exchange for high returns.
Pan Kaihong, owner of a cosmetics company and deputy director of the Nanjing Charity Federation, was accused of illegally collecting more than 51 million yuan (US$7.8 million) from 424 people, said an official with the prosecutors office in Nanjing's Baixia District. The 43-year-old entrepreneur was arrested in February and is currently under police investigation.
Pan was elected deputy director of the charity last December after he pledged to donate 30 million yuan.
Pan Kaihong, owner of a cosmetics company and deputy director of the Nanjing Charity Federation, was accused of illegally collecting more than 51 million yuan (US$7.8 million) from 424 people, said an official with the prosecutors office in Nanjing's Baixia District. The 43-year-old entrepreneur was arrested in February and is currently under police investigation.
Pan was elected deputy director of the charity last December after he pledged to donate 30 million yuan.
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