Pyramid scheme ringleaders to face trial
Twelve members of Shanxinhui, a company suspected of organizing and leading a pyramid scheme, will go on trial, according to Songjiang District prosecutors.
The 12 are accused of making large gains by persuading more than 11,000 people to take part in a pyramid scheme between May 2016 and June 2017. The total amount was not revealed.
The alleged ringleader, Zhang Tianming, is said to have gathered more than 5 million members across the country, under the guise of helping the poor, since May 2016. He is alleged to have illegally profited more than 2.2 billion yuan (US$350 million), according to prosecutors of Yongzhou City, Hunan Province.
According to media reports, hundreds of suspects have been netted across the country.