{"id":25260,"date":"2018-07-25T15:43:07","date_gmt":"2018-07-25T14:43:07","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=25260"},"modified":"2018-07-25T15:43:07","modified_gmt":"2018-07-25T14:43:07","slug":"police-bust-1-5bn-online-pyramid-scheme-involving-220000-investors","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/police-bust-1-5bn-online-pyramid-scheme-involving-220000-investors\/","title":{"rendered":"Police Bust $1.5bn Online Pyramid Scheme Involving 220,000 \u2018Investors\u2019"},"content":{"rendered":"

Chinese police have cracked down on an online pyramid scheme\u00a0involving 10.2 billion yuan ($1.5bn) and over 220,000 investors, local\u00a0authorities said Wednesday.<\/p>\n

Police in Meishan City, southwest China\u2019s Sichuan Province, caught 82 suspects, who established hundreds\u00a0of shell companies and 28 fake industrial chains in the fields of construction materials, agriculture,\u00a0mining, and media to woo investors with the promise of high returns.<\/p>\n

Among the suspects, the 52 who allegedly organised and led the pyramid scheme have been handed to\u00a0prosecutors, according to Meishan police.<\/p>\n

The suspects managed to swindle 220,000 investors from across the Chinese mainland as well as Hong Kong\u00a0and Taiwan, under the guise of being national platforms and part of the sharing economy.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The police said that the investors from Southeast Asian countries were also involved.<\/p>\n

(Xinhua\/NAN)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese police have cracked down on an online pyramid scheme\u00a0involving 10.2 billion yuan ($1.5bn) and over 220,000 investors, local\u00a0authorities said Wednesday. Police in Meishan City, southwest China\u2019s Sichuan Province, caught 82 suspects, who established hundreds\u00a0of shell companies and 28 fake industrial chains in the fields of construction materials, agriculture,\u00a0mining, and media to woo investors with …<\/p>\n","protected":false},"author":6,"featured_media":25261,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[18,17,624],"tags":[4314,52],"coauthors":[2391],"class_list":["post-25260","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-crime","category-news","category-politics","tag-online-pyramid","tag-police"],"yoast_head":"\nPolice Bust $1.5bn Online Pyramid Scheme Involving 220,000 \u2018Investors\u2019 - National Wire<\/title>\n<meta name=\"description\" content=\"Chinese police have cracked down on an online pyramid scheme\u00a0involving 10.2 billion yuan ($1.5bn) and over 220,000 investors, local\u00a0authorities said Wednesday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/police-bust-1-5bn-online-pyramid-scheme-involving-220000-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Police Bust $1.5bn Online Pyramid Scheme Involving 220,000 \u2018Investors\u2019 - 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