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21 arrested over online fund-raising fraud

(Xinhua) Updated : 2018-08-01

21 arrested over online fund-raising fraud

A suspect introduces the internet investment platform. [File photo/chinanews.com]

A group of 21 suspects have been arrested for allegedly cheating over 20,000 people of more than 900 million yuan ($132 million), police in Guangzhou, capital of South China's Guangdong province, said Tuesday.

An internet investment platform that received large amounts of money daily but had no actual sale of goods caught police attention last December. According to an investigation, registered members were enticed to transfer money to the platform and persuade as many people as possible to register in the hope of high return.

The platform was suddenly closed in January and its directors disappeared.

Police made several arrests in the provinces of Guangdong, Jiangxi, and Zhejiang as well as Guangxi Zhuang autonomous region from January to June, detaining a total of 21 suspects.

A further investigation into the case is underway.