Suspect in case of illicit fundraising
Print Edition
A man in Qinghai Province is facing charges for his part in an illegal fundraising scam in which 36 million yuan (US$5.8 million) was collected.
The man, surnamed Liu, is the representative of Dajintai Finance and Investment Management Co Ltd. He is suspected of having illegally raised funds from 142 people by promising high profits between 2013 and 2014, according to Chengdong District People’s Procuratorate in Xining City, Qinghai’s capital.
The money was then used to support Liu’s other companies until a capital chain ruptured, the procuratorate said.
Further investigation continues.
Rapid economic growth, vast wealth with few investment channels and insatiable greed have driven new cases of illegal fundraising, a term used to describe taking money from the public without a license.
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