infotechlead

China launches online platform for fraud victims

China
China’s public security ministry has launched an online platform to register the victims of investment frauds and pyramid scams, the media reported on Sunday.

The initiative comes after a crackdown on online lending platform, Ezubao, EFE news reported.

Ezubao had collected $7 billion from more than 900,000 investors. Disguised as an investment company, which collected money over the internet through the bait of promising returns, Ezubao diverted funds it collected from investors to finance the personal expenses of its directors and managed to return the initial investments with the money it collected from new clients.

The operation, revealed on February 1, led to the arrest of 21 people and caused a huge stir in the country due to the popularity of Ezubao, which was founded in July 2014 and gained ground in the country through an aggressive ad campaign, including spots, on the state broadcaster CCTV.

The ministry said that the online platform will allow victims of the Ezubao scam to register themselves on the website until May 13, to facilitate the investigation.

The information given by the victims will be verified and serve as the basis for a possible refund of the defrauded amount.

The website will also be used for victims of possible new cases of fraud that could occur in the future.

IANS

Latest

More like this
Related

Digital India Common Service Center project started

The Ministry of Electronics and Information Technology (MeitY) has...

India to implement GIS-based software for monitoring of toll plazas

India has announced that it will track around 100...

India okays digital agriculture mission with Rs 2817 crore outlay

The Union Cabinet Committee, chaired by Prime Minister Narendra...

Kerala CM to make Total e-Governance declaration

Kerala Chief Minister Pinarayi Vijayan will make the Total...