Police uncover China's largest online pyramid scam

Discussion in 'Chinese Chat' started by dim8sum, Aug 31, 2007.

  1. dim8sum

    dim8sum ♫♪♫♪♫♪♫♪♫♪♫♪....

    BEIJING (Reuters) - Chinese police have uncovered the country's largest alleged on-line pyramid selling scheme, involving 170,000 people and 1.36 billion yuan (89 million pounds), state media said on Friday.

    Authorities in Tai'an city, in the eastern Shandong province, uncovered the scheme named "Swiss Mutual Fund" in May, which was found to be illegal after investigation, xinhua said.

    "It required each investor to pay 8,000 yuan and promised to pay back 400,000 yuan in 30 months", the report said.

    Two men have been charged for the scheme.

    The uncovered scheme in Tai'an is just part of China's campaign against pyramid selling from July 16 to August 15 this year, xinhua said.

    "The campaign identified 600 schemes involving 1.7 billion yuan nationwide, with more than 3,300 organisers and core members arrested in 14 provinces and cities," xinhua said.

    Pyramid selling is illegal in China and was banned in China in 1998 after a series of scandals, including one in 1995 in which two women were executed for masterminding a scheme.

    http://uk.reuters.com/article/oddly...0070831?feedType=RSS&feedName=oddlyEnoughNews
     
  2. AbZoNyX

    AbZoNyX Well-Known Member

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    Never trust those shit. Goddamn pyramid scams I'm not sure why anyone would fall for it..
     
  3. nyckeion

    nyckeion ....Boo....

    apparently 170k ppl haha
     
  4. dim8sum

    dim8sum ♫♪♫♪♫♪♫♪♫♪♫♪....

    greed and poverty makes people do very silly things
     
  5. rNb99

    rNb99 Well-Known Member

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    i can't believe people would believe in such a thing. i thought this kinda scam only happens in the movies.
     
  6. uraha

    uraha Well-Known Member

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    so much dumb people...8000 yuan to 400,000 yuan, so obvious that its bullshit
     
  7. catmungrel

    catmungrel Member

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    Death penalty for fraud ? Thats crazy. -ohmy
     
  8. killer_asp

    killer_asp Member

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    wow what people will do for money.
     
  9. dim8sum

    dim8sum ♫♪♫♪♫♪♫♪♫♪♫♪....

    i think its fair enough, god knows what happened to those people that got conned and how they suffered after loosing that money
     
  10. MissCheekS

    MissCheekS Reconnaîssant ❤

    china is not a good place to misbehave lol
     
  11. wind2000

    wind2000 Self Schemata

    Thats what we call doing it big. -devil