久久久久亚洲人妻,大香蕉官网在线

Police on hunt for swindled millions

By Cao Li (China Daily)
Updated: 2009-06-17 08:31

SHANGHAI: Police are still trying to track down hundreds of millions of yuan defrauded from investors in a massive ponzi scheme they shut down last month.

Police in eastern Zhejiang province believe Liu Xiaoren raised 210 million yuan ($31 million) through an illegal scheme where old investors are paid out with money from new investors.

Liu used the money to pay off interest as well as buy cars and properties, police said.

He is unable to pay back 197 million yuan.

Liu, 45, gave himself up to police on May 4.

An officer surnamed Jiang confirmed to China Daily yesterday that Liu is being investigated on a charge of illegal fund raising, with which he could face up to life imprisonment.

Jiang said they are still investigating how many victims are involved. According to the Beijing News yesterday, at least 29 investors have been cheated.

Liu and five partners founded the company in 2006 with a capital of 30 million yuan, focusing on Angel Investment. The projects include websites and a chain of tea shops.

According to National Business Daily, Liu asked the investors to send money to his private bank account. He used 20 million to invest in projects.

It's not the first illegal fund raising operation the wealthy province of Zhejiang has seen recently. In April, Wu Ying, from Dongyang, and once the 68th richest in the country, faced trial for having swindled nearly 390 million yuan from 11 people.

"Zhejiang, wealthy as it is, has lots of unemployed capital," said Shanghai lawyer Si Weijiang.

"As the government asserts strict control over financial services, individual investors look for other opportunities."

Wang Junmin, a professor with East China University of Political Science and Law, said fraudsters often take advantage of relatives and friends who are eager to make money.

国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频