China discovered the largest financial pyramid online
Chinese police discovered the largest financial pyramid in Chinese history . It was created according to the classical scheme. 170,000 Chinese citizens were involved in the fraud, contributing 1.36 billion yuan ($ 180 million).
Police began investigating fraud in May of this year, when a strange business called the Swiss Mutual Fund attracted her attention. A thorough investigation showed that the scheme of this business includes illegal elements of network marketing, that is, it is a financial pyramid. Each investor paid 8,000 yuan ($ 1,052) to receive the promised 400,000 yuan ($ 52,000) in 30 months.
I must say that now amid stock exchange fever in Chinabuilding financial pyramids is becoming commonplace. Recently, about 600 such schemes have been discovered for a total of 1.7 billion yuan ($ 224 million). The Swiss Mutual Assistance Fund turned out to be the largest copy. A total of 3,300 organizers and activists in 14 Chinese cities were arrested in these cases. Financial pyramids in China were banned in 1998 after one woman organizer was executed by deceived investors.
Police began investigating fraud in May of this year, when a strange business called the Swiss Mutual Fund attracted her attention. A thorough investigation showed that the scheme of this business includes illegal elements of network marketing, that is, it is a financial pyramid. Each investor paid 8,000 yuan ($ 1,052) to receive the promised 400,000 yuan ($ 52,000) in 30 months.
I must say that now amid stock exchange fever in Chinabuilding financial pyramids is becoming commonplace. Recently, about 600 such schemes have been discovered for a total of 1.7 billion yuan ($ 224 million). The Swiss Mutual Assistance Fund turned out to be the largest copy. A total of 3,300 organizers and activists in 14 Chinese cities were arrested in these cases. Financial pyramids in China were banned in 1998 after one woman organizer was executed by deceived investors.