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Gold-trading ring took in billions

By An Baijie in Zhengzhou | China Daily | Updated: 2012-07-18 08:05

Police in Central China's Henan province rounded up 33 people suspected of illegal gold-futures trading in a case involving more than 5,000 investors and at least 380 billion yuan ($59.62 billion).

The suspects, who had been trading since October 2008, had never registered with industrial and commercial authorities, as required by the law, said Guo Congbin, director of Luoyang public security bureau, on Tuesday.

They promoted investments in Loco London gold, the London gold market in Hong Kong, Guo said, which is illegal on the mainland.

Gold-trading ring took in billions

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