Ringleader of US$14b scam caught
Print Edition
A MAJOR suspect in an illegal fund-raising fraud scheme, involving more than 100 billion yuan (US$14 billion), was extradited to China from Greece on Sunday.
The fraud, concerning an online financial platform called Qbao.com, is one of China鈥檚 largest fraudulent fund-raising cases in recent years, according to the public security department of east China鈥檚 Jiangsu Province.
The suspect, surnamed Xiong, was a key member of Qbao.com, and was responsible for data analysis in related companies.
Zhang Xiaolei, the head of the platform, used Qbao.com to illegally raise money from the public, promising high return rates ranging from 20 to 60 percent annually, as bait to attract deposits. The funds were used to pay off old debts, pay high salaries to the company鈥檚 senior executives, and some were squandered away by Zhang.
In December 2017, Zhang surrendered himself to the police. Xiong fled overseas in June 2017.
The Intermediate People鈥檚 Court of Nanjing, capital of Jiangsu Province, sentenced Zhang to 15 years in jail, and confiscated 100 million yuan of his personal property.
After returning to China, Xiong received nucleic acid tests, and was escorted to Nanjing in an enclosed environment. He is now under quarantine.
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