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Guangdong police crack down on pyramid scheme gangs

2018-Jul-13       Source: Newsgd.com

Guangdong police solved 465 cases of economic and financial crime, with 820 suspects arrested and assets worth over 18 billion RMB frozen during the first half of 2018.

Guangdong police solved 465 cases of economic and financial crime, with 1342 suspects arrested and assets worth over 18 billion RMB frozen during the first half of 2018, according to a press conference held by Guangdong Provincial Public Security Department on July 12nd.

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“Guangdong police launched five special operations to apprehend pyramid gangs in Guangzhou, Shenzhen, Dongguan, Foshan and other cities, seizing illegally held property and detaining 1043 suspects,” said Wu Wuqiang, Deputy Director of the Economic Crimes Bureau of the Guangdong Provincial Public Security Department. “In order to further combat economic and financial crime, Guangdong police have developed a monitoring platform to collect and analyze related information rapidly.”

Guangdong police seize illegal property. (Photo: Phoebe Yang)

A spokesman for the Foshan Public Security Bureau stated how police in Foshan, Guangzhou, Zhuhai and Zhongshan arrested an online pyramid scheme gang at the beginning of this year, seizing case-related objects including premises, computers, bank cards and account books. Moreover, 147 suspects were detained and over 1.5 billion RMB cash was seized during the operation.

The structure of pyramid scheme gangs (Photo: Phoebe Yang)

At the press conference, Guangdong police reminded people to carefully consider all forms of investment and financial management. Urging people to be wary of the new type of online pyramid schemes in the guise of promoting high-tech products and so on. If you uncover any evidence of economic crimes, please report this to the police as soon as possible.

According to Chinese Criminal Law, people who organize and lead pyramid scheme gangs, which disturb the economic and social order, will be fined and sentenced to five years in prison or suffer from criminal detention.

 

Author: Steven Yuen, Phoebe Yang

Editor: Simon Haywood

Editor: Steven

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