Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Pyramid scheme found
Source: Xinhua |
October 14, 2009, Wednesday
|
Print Edition
Print Edition
CHINESE police cracked a pyramid scheme worth about 1 billion yuan (US$147 million), according to the Ministry of Public Security.
The scheme was operated by a company named "Hong Kong Link World International Sci-tech Ltd," registered in Hong Kong in January 2007, the ministry said on Monday.
The company allured people into the ring by claiming they were selling highly profitable cell phone chips. With the chips, people could view advertisements on their phones and receive rewards.
Each initiate had to pay 999 yuan for five cell phone chips to become a distributor at the lowest level.
The company had enrolled tens of thousands of people into the scheme and sold more than 4.8 million chips.
In July, police detained 10 of the company's senior managers in eastern China's Jiangsu Province.
Three chief suspects, Shi Yongbin, Qiang Kexin and Fu Yanping, have been arrested and confessed to their crimes. The rest were in custody or bailed, it said.
Since late July, a number of affiliates of the company were shut down in Shanxi, Shandong and Henan provinces, the statement said.
The scheme was operated by a company named "Hong Kong Link World International Sci-tech Ltd," registered in Hong Kong in January 2007, the ministry said on Monday.
The company allured people into the ring by claiming they were selling highly profitable cell phone chips. With the chips, people could view advertisements on their phones and receive rewards.
Each initiate had to pay 999 yuan for five cell phone chips to become a distributor at the lowest level.
The company had enrolled tens of thousands of people into the scheme and sold more than 4.8 million chips.
In July, police detained 10 of the company's senior managers in eastern China's Jiangsu Province.
Three chief suspects, Shi Yongbin, Qiang Kexin and Fu Yanping, have been arrested and confessed to their crimes. The rest were in custody or bailed, it said.
Since late July, a number of affiliates of the company were shut down in Shanxi, Shandong and Henan provinces, the statement said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
