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China police bust major futures manipulation case

Xinhua, November 1, 2015 Adjust font size:

Police have netted three suspects and is seeking to arrest more overseas for pocketing huge funds via manipulating futures trades, the Ministry of Public Security announced Sunday in a statement.

Authorities locked onto "Yishidun," a foreign trade company founded in 2012 in east China's Jiangsu Province, in July when looking into fluctuations in the country's securities and futures markets that led to huge losses for many investors.

According to Gao Yan, general manager of the company and one of the arrested, the company used a software developed by a foreign technical team to automatically buy and sell in huge quantities in prices far deviated from market standards and illegally pocketed more than two billion yuan (316 million U.S. dollars) with this method.

Citing investigation results, the statement said that the accounts used by the company traded so fast that as many as 31 futures contracts were purchased in one second in June and July when the market experienced severe fluctuations. Endi