Off the wire
• Roundup: No All-Chinese final for mixed, easy through for host paddlers in singles  • Xinhua Insight: China's anti-graft campaign gains ground through TV series  • Security forces kill 4 militants in east Pakistan  • Commentary: Trump's decision not to label Beijing a currency manipulator beneficial to bilateral ties  • Polish FM to seek U.S. assistance in retrieving plane wreckage from Russia  • Interview: Chinese investors help Cypriot construction sector spring back:expert  • China Focus: Chinese economy rebalances amid resilient regional growth  • Inspection teams demand more efforts to improve China's environment  • Ancient tombs show booming protoporcelain making industry 2,000 years ago  • China's central bank highlights prevention of financial contagion  
You are here: 　 Home

China arrests 430 in illegal fundraising crackdown

Xinhua, April 13, 2017 Adjust font size:

Chinese police in several provinces arrested more than 430 suspects in connection with Internet-based pyramid-style schemes.

Police in Guangdong, Beijing, Zhejiang and Henan busted multiple gangs, said the Public Security Department of Guangdong Province on Thursday.

The illegal fundraising schemes involved 4 billion yuan (580 million U.S. dollars), with victims from across the country, said the department.

Guangdong police began to investigate the cases in March. Some Internet companies in the province organized themselves under the disguise of charities or high-tech biological products with promises of high returns.

In the first quarter, Guangdong police investigated more than 100 illegal fundraising cases and arrested more than 170 suspects, up 18 percent and 26 percent respectively. Endi