Financial firm Dalian Huaxun Investment Co., Ltd. has been ordered by Chinese authorities on Feb. 28 to suspend its business operations due to allegations of fraud and false advertising.
So far, 147 employees, including the chairman and 11 executives, have been placed under criminal investigation on charges of fraud and running a false advertising scam involving 2.7 billion yuan (about $417.2 million), Chinese news portal Sohu reported.
