Police thwart pyramid scam
Source: Xinhua |
March 20, 2011, Sunday
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Print Edition
Print Edition
POLICE have cracked a pyramid selling ring involving 198 people that operated in Guangxi Zhuang Autonomous Region for five years, according to local public security authorities.
Many of the suspects were under judicial investigation. Legal authorities froze or confiscated the ring's illegal assets, including 18 million yuan (US$2.74 million), 17 vehicles and 25 apartments, according to economic crime officers with Guangxi's Public Security Department.
Those trapped in the scam were required to encourage more people to join the scheme in the name of investing in the real estate market.
Many of the suspects were under judicial investigation. Legal authorities froze or confiscated the ring's illegal assets, including 18 million yuan (US$2.74 million), 17 vehicles and 25 apartments, according to economic crime officers with Guangxi's Public Security Department.
Those trapped in the scam were required to encourage more people to join the scheme in the name of investing in the real estate market.
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