Police on hunt for swindled millions

SHANGHAI: Police are still trying to track down hundreds of millions of yuan defrauded from investors in a massive ponzi scheme they shut down last month.

Police in eastern Zhejiang province believe Liu Xiaoren raised 210 million yuan ($31 million) through an illegal scheme where old investors are paid out with money from new investors.

Liu used the money to pay off interest as well as buy cars and properties, police said.