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Large fraud ring busted in Beijing, 422 held in custody
By Li Qian |
April 18, 2012, Wednesday
|
Online Edition
Online Edition
A fraud ring, claiming to be affiliated with central government departments, has been smashed in Beijing for swindling millions of yuan from thousands of senior executives by selling them fake certificates.
Fengtai District police detained 525 suspects and held 422 of them in custody, the Beijing Times reported today.
The ring claimed it was a subsidiary of the China Council for the Promotion of International Trade and was able to get professional certificates from the Ministry of Human Resources and Social Security.
Since a professional certificate can better their chances for promotion, many senior corporate executives were lured into paying about 10,000 yuan (US$1,588) for a certificate without knowing it was bogus, the report said.
The ringleaders surnamed Xiao and Zhang even offered high incentives to encourage their staff to recruit new members to expand the sales network in the pyramid scheme style.
More than 700 police officers raided their offices in Beijing on Monday morning and seized more than 500 fake certificates and 161 computers, the report said.
Fengtai District police detained 525 suspects and held 422 of them in custody, the Beijing Times reported today.
The ring claimed it was a subsidiary of the China Council for the Promotion of International Trade and was able to get professional certificates from the Ministry of Human Resources and Social Security.
Since a professional certificate can better their chances for promotion, many senior corporate executives were lured into paying about 10,000 yuan (US$1,588) for a certificate without knowing it was bogus, the report said.
The ringleaders surnamed Xiao and Zhang even offered high incentives to encourage their staff to recruit new members to expand the sales network in the pyramid scheme style.
More than 700 police officers raided their offices in Beijing on Monday morning and seized more than 500 fake certificates and 161 computers, the report said.
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