183 arrested for China pyramid scheme

Beijing, Aug 6 (IANS) Police in China’s Guangxi Zhuang region have arrested 183 criminal suspects over an illegal fundraising gang.

Under the disguise of western development, the gang organised “one-day” trips to Qinzhou, Nanning, Beihai and Fangchenggang cities in Guangxi and coaxed their victims into investing, Xinhua news agency quoted the Public Security Bureau of Qinzhou City as saying on Friday.

The pyramid-style scheme involved 3,000 persons and 760 million yuan ($114 million), the bureau said.

Nearly 500 police officers raided 66 locations in the provinces of Henan, Guangdong, and Guangxi.

25 senior gang members were among those arrested and the group’s bank accounts, which contained more than 10 million yuan, were frozen. Eight luxury cars were also seized.

–IANS

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