A billionairess in east China’s economically booming Zhejiang province, has been detained on charges of illegal fund raising, the Dongyang police said Monday.
26-year-old Wu Ying has allegedly pooled fund illegally by promising high interest rates to the creditors, the police said.
Local police has her shops and businesses controlled. The Dongyang government has set up a panel to register and audit her company’s assets, debts and loans. [Full Text]