Off the wire
• (Sports)Djokovic crowns himself king of Melbourne Park  • China Focus: China's crackdown on online extortion gets influx of tip-offs  • Australian Open men's singles final result  • Australian Open men's singles champions  • Cambodia's ruling party adds 306 members to central committee  • Iraqi PM condemns execution of Japanese hostage  • 1st LD: 6 killed, over 20 injured in blast targeting bus in Damascus  • 1st Ld-Writethru-China Focus: China sketches out priorities of "Belt and Road" initiatives  • 2nd Ld: China to speed up agri modernization through reforms  • Media to play more positive role in boosting China-India ties  
You are here: 　 Home

20 to be indicted in 860 mln USD China financial scam

Xinhua, February 1, 2015 Adjust font size:

Twenty people have been transfered to the procuratorate and are to be indicted in north China's Hebei Province for a 5.39 billion yuan (862 million U.S. dollars) fundraising scam, local authorities said Sunday.

A total of 36,000 people across the country claimed that they invested 5.39 billion yuan in the illegal fund-raising scheme by HJJGold Investment Group based in the city of Langfang, the city government said in a press release.

The group, which claimed to have more than 3,000 outlets nationwide, promised high returns for gold investment and bank saving-like wealth management products.

Local police launched an investigation in September last year as the group was found to be allegedly involved in absorbing public savings.

Twenty suspects, including the owner of the group, were officially arrested in early November.

The owner and his relatives used some of the funds on huge purchases of houses and luxury cars.

By Saturday, local police have frozen 2.8 billion yuan funds, seized 489kg gold products, 231 kg silver products and 66 cars, and sealed up 191 houses and 210,000 square meters of land with the group. Endi