Asia-Pacific News
Ninety arrested over 5.6-million-US-dollar investment scam
Mar 3, 2011, 9:33 GMT
Hong Kong - More than 90 suspects have been arrested over an investment scam in which Hong Kong investors were tricked out of 5.6 million US dollars, police in southern China said Thursday.
Elderly Hong Kong people living in the border city of Shenzhen were persuaded to put money in a biochemical fertilizer company with the promise that their investment would grow 42 per cent a year.
The company was bogus and more than 90 people suspected to have been involved in the scam were arrested and being questioned Thursday, police in Shenzhen said.
Tens of thousands of elderly people from wealthy Hong Kong retire to Shenzhen and other parts of southern China, where living costs are lower and where some retired men marry younger Chinese women.
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