Probe into $2.2-billion fundraising scandal

Authorities in Hunan province are investigating a 15-billion yuan ($2.2 billion) illegal fundraising scheme, Ta Kung Pao reported.

The Hong Kong newspaper quoted an anonymous asset liquidation officer as saying the amount of money involved in the scheme, identified in October in the Xiangxi Tu and Miao autonomous prefectures, was "huge and astonishing".

"A portion of the money had been spent on project construction, some squandered, and some was transferred abroad, which added difficulty to the liquidation process and efforts to try to return the money to the lenders," he said.