Police seek further victims of antique appraisal fraudsters
One of the suspects caught by police.
Twenty-five suspects involved in an antique appraisal fraud have been detained, Shanghai police said on Monday.
Over 1,000 people from all over the country fell victim to the suspects, who were based in Shanghai's Yangpu District, losing over 30 million yuan (US$4.3 million).
Operating an alleged antique auction and exhibition agency, they appraised the victims’ antiques at prices much higher than their actual value and then profited on commission fees charged to the victims, according to police.
Yangpu police started their investigation after receiving several reports from victims in early August.
The suspects were caught in Jiangsu, Hunan and Shaanxi provinces.
Police are calling for people who paid money to the suspects, who operated companies including Qinhantang, Qinfeng Co and Fanyang Center, to contact them as soon as possible.
