Police Uncover China’s Largest Online Pyramid Scam – Reuters

From Reuters:

Chinese police have uncovered the country’s largest alleged on-line pyramid selling scheme, involving 170,000 people and 1.36 billion yuan ($180 million), state media said on Friday. Authorities in Tai’an city, in the eastern Shandong Province, uncovered the scheme named “Swiss Mutual Fund” in May, which was found to be illegal after investigation, Xinhua said.

“It required each investor to pay 8,000 yuan ($1,052) and promised to pay back 400,000 yuan ($52,000) in 30 months”, the report said. Two men have been charged for the scheme. [Full Text]

August 31, 2007, 1:35 PM
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