Police iced up the group’s accounts in December, while reputable enterprise mag Caixin said 29,300 people had invested a complete of 190 million yuan ($28.4 million) in its on-line merchandise. It additionally had numerous offline services.
China’s patron investment zone is poorly developed and controlled, and Ponzi schemes have end up commonplace in recent years as coins-wealthy investors, burned by way of stocks and real estate, look for options for his or her money.
At Shanghai’s prosecutors’ office, where a 2nd group of demonstrators accrued on Monday, Shao Tiejun, 35, informed Agence France-Presse he had invested extra than 200,000 yuan via Dada Group after the organisation promised him a 7 percentage go back.
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