Police launch probe into alleged Ponzi scheme
AN investigation has been launched into allegations that a local company operated a Ponzi scheme that cheated more than 300 people out of 100 million yuan (US$16.1 million), police in Xuhui District said yesterday.
An officer surnamed Tao told Shanghai Daily that an investigation is under way, but he declined to elaborate. Shanghai Morning Post reported yesterday that a company operating from an office building in Xuhui was being probed for allegedly running a scheme that offered investors returns of up 36 percent a year. The firm also ran a jewelry store, which was vacated overnight last week, a cleaner at the building told Shanghai Daily.
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