Law maker held after 40m yuan vanishes in forex plan

By Jane Chen | September 14, 2009, Monday |

Online Edition

A COUNTY law maker 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, today's China Business Daily reported.

Victims claimed that Li Jingang, 37, a law maker 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 were finally told of the losses, which could total 40 million yuan, or one-third of the county's income last year.

They said that Li's documents recording each transaction might be fake, and fear no real trades had ever been made.

Police are still investigating.

Nation

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Law maker held after 40m yuan vanishes in forex plan

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