Bigwigs lose their millions in scheme | Shanghai Daily

The story appears on

Page A8

September 15, 2009

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Nation

Bigwigs lose their millions in scheme

A COUNTY lawmaker in northwest China's Shaanxi Province has been detained for allegedly running an illegal foreign exchange business and cheating 40 million yuan (US$5.86 million) from about 100 locals.

Most victims are wealthy people ranging from government officials to high-paid office workers, Shaanxi-based Chinese Business reported yesterday. Police are still investigating the case.

Victims claimed that Li Jingang, 37, a lawmaker in Xunyang County, Ankang City, started to operate a foreign exchange brokerage three years ago.

Attracted by the promise of high returns, they gave money to Li to trade in foreign currencies but discovered losses could total 40 million yuan, or one-third of the county's income last year.




 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend