Reported 12 months ago
According to Liberty Times News on July 2, 2024, Bamboo Union member Huang, in collaboration with a scam group, deceived individuals by pretending to assist with youth entrepreneurship loan applications, collected personal information, established dummy companies, opened financial accounts, and then sold these accounts to the fraud group. The fraud group, using false investment methods, amassed over 36 million in illicit gains over a year. Police apprehended Huang and 14 others, expanding the investigation to uncover the masterminds behind the fraud group. The fraud group had shifted focus to company accounts due to less suspicion from bank employees, with 8 individuals falling victim to Huang's scheme and setting up dummy company accounts. Huang denied the fraud allegations, claiming to only be assisting in company establishment and loan applications, but police remain skeptical and have transferred the case for prosecution, with a judge ordering the seizure of 21.9 million yuan from the accounts.
Source: YAHOO