Eleven investors held after Chinese Ponzi scheme protests
Investors stage demonstrations fearing they have lost their money after scheme collapses
Eleven investors have been detained in eastern China after protests erupted over the collapse of the country’s latest Ponzi scheme, dubbed “money treasure online”.
Police in Nanjing said they detained the investors and warned another 11 for organising illegal gatherings and disturbing public order, the city’s Public Security Bureau said in a statement posted to its social media account.
The Ponzi scheme – called Qbao.com – took in billions of yuan from millions of investors with the authorities estimating it owed 30 billion yuan (US$4.7 billion) at the time of its collapse last month.
Investors were wooed with promises of returns as high as 60 per cent. They were asked to do small “work” tasks on Qbao.com’s website.
Some of the tasks required users to watch Qbao.com’s advertising videos, which could take just minutes each day.
