Death penalty for ant-breeding scam

Chinese court sentences tycoon to death for bogus $385m investment scheme.

    Chinese courts have been ordered to take a
    tough line on fraud cases [GALLO/GETTY]
    Prosecutors said by the time the scam had been exposed in 2005 and the companies had been shut down, only $1.2m of the $385m invested in the scheme had been recovered.
     
    One investor in the scheme reportedly committed suicide after realising he had been duped.
     
    In his defence, Wang said he did not know the first thing about raising ants and was "quite unclear" about the costs, the Beijing News said.
     
    Fifteen managers of Wang’s bogus companies were also given prison terms ranging from five to 10 years and fined between $13,000 and $64,000, Xinhua said.
     
    Fake investments and other get-rich-quick schemes have become an increasingly common feature in China as the country continues its rapid transition from a planned economy to a free market.
     
    Chinese leaders have tried to eradicate the scams, fearing widespread losses could fuel already simmering social unrest.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Meet the deported nurse aiding asylum seekers at US-Mexico border

    Meet the deported nurse helping refugees at the border

    Francisco 'Panchito' Olachea drives a beat-up ambulance around Nogales, taking care of those trying to get to the US.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.