Chinese police arrested key members of Shanxinhui financial pyramid

Almaty. September 12. Silkroadnews – Chinese police has arrested key members of the Shanxinhui financial pyramid, the China Daily reported.
“Several key members of Shanxinhui, a company suspected of organizing and leading a pyramid scheme, have been arrested in Yongzhou in central China’s Hunan Province,” the report said.
According to the Ministry of Public Security of the People’s Republic of China, several key members, including Zhang Tianming, the mastermind of Shanxinhui, are suspected of receiving illegal gains to amount of over 2.2 billion yuan ($337.22 million). 42-year-old Zhang founded Shenzhen Shanxinhui Culture Communication Co. Ltd. in Shenzhen in May 2013 and Hainan Shanxinhui in May 2016.
The ministry officials say “the suspects intentionally distorted the country’s targeted policy to eradicate poverty and, under the guise of helping the poor and building a so-called “new economic ecological model”, while setting up a network on the Internet”.
With this the ministry stressed they will continue to struggle with the financial pyramids to protect the interests of citizens.
Financial pyramids have become quite common expending widely on the Internet in recent years. Data say in 2016 police investigated 2,826 cases of financial pyramid schemes, which is 19.1% higher compared to 2015 reading.