Chinese police bust big pyramid scheme

DALIAN - A total of 144 suspects have been caught for organizing and leading a pyramid scheme involving more than 85 million yuan (around $10.8 million), police in the city of Dalian said Monday.

Police discovered that a large number of people often gathered at certain areas in Dalian, Northeast China's Liaoning province, since the second half of 2017.

An initial investigation led to a suspected pyramid scheme platform that often organized large-scale gatherings. Police raided their venues several times but the organization continued to exist.

After a thorough investigation, police dispatched more than 1,000 officers in 129 teams to relevant provinces and municipalities in mid-June and caught a total of 144 suspects, including two ringleaders surnamed Chen and Ban.

Police also seized 43 vehicles, froze more than 85 million yuan in nearly 6,000 accounts and dismissed more than 10,000 members in the operation.

Further investigation is underway.