How a Massive Pyramid Scheme in China Defrauded Millions

How a Massive Pyramid Scheme in China Defrauded Millions
Promotional material for an illegal pyramid scheme at an office in Beijing during a police crackdown, taken on August 18, 2017. Greg Baker/AFP/Getty Images
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A pyramid scheme in China has been revealed to have ensnared millions of investors, who have jointly lost 30 billion yuan (about $4.7 billion) in investment capital.

Back in December 2017, Zhang Xiaolei, founder of online platform Qianbao.com, turned himself in to the police, admitting that he had been running a Ponzi scheme since the company’s founding in 2012.

Annie Wu
Annie Wu
Author
Annie Wu joined the full-time staff at the Epoch Times in July 2014. That year, she won a first-place award from the New York Press Association for best spot news coverage. She is a graduate of Barnard College and the Columbia University Graduate School of Journalism.
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