Chinese police have cracked down more than 90,000 economic crimes since 2017, recovering losses of 100 billion yuan (US$15.8 billion), the Ministry of Public Security said on May 15.
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Illustrative Image
The ministry launched
extensive an crackdown on illegal fundraising, pyramid selling and
underground banking, among other economic crimes.
In one of the 10 major
cases made public by the ministry, police in central
China's
Henan
Province arrested 172 members of Shanxinhui, a Shenzhen-based company suspected of
organizing and leading a pyramid scheme.
Shanxinhui allegedly
enticed people to take part in pyramid selling by promising "high
returns" and cheated them out of huge amounts of property. Its mastermind
Zhang Tianming is suspected of obtaining illegal gains of more than 2.2
billion yuan.
The ministry vowed to
keep a firm hand on economic crimes to protect the market economy and
financial security, urging the people to raise their legal awareness.
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Source: NDO
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