Dodgy Account-Ants
By Emma Stevens
Ants might often be seen as a big nuisance, but not often as big business. This didn't stop one company from ripping off a large number of investors with a fraudul-ant enterprise. The Chinese firm Beijing Reuters scammed prospectors into believing that an ant-breeding project would generate massive profits. Investments from the gullible public soared to $379 million for the company.
Returns of 35 to 60% on investment had been offered by the Donghua Ecological Breeding Company, in Liaoning province. But there had never been any intention of actually paying the money out, as the directors cut and ran. According to the Public Security Ministry, this is just another example of how the imaginations of fraudsters is expanding.
Quite why so many people would want to invest in the great ant project is a bit beyond us here at the Null. However, the black ants in question are sold in the southern region of Guangxi by the bag-full. It is believed that using them in tea or liquor is a natural remedy for ailments such as arthritis.
The issue of economic crimes is rising fast in China, by nearly 10 percent already this year, compared to 9.1 percent at the same time last year. Over 62,000 cases have been investigated and the ministry have warned that the trend could lead to social instability, especially in cases involving large numbers of people, such as pyramid selling or fund-raising frauds.
Returns of 35 to 60% on investment had been offered by the Donghua Ecological Breeding Company, in Liaoning province. But there had never been any intention of actually paying the money out, as the directors cut and ran. According to the Public Security Ministry, this is just another example of how the imaginations of fraudsters is expanding.
Quite why so many people would want to invest in the great ant project is a bit beyond us here at the Null. However, the black ants in question are sold in the southern region of Guangxi by the bag-full. It is believed that using them in tea or liquor is a natural remedy for ailments such as arthritis.
The issue of economic crimes is rising fast in China, by nearly 10 percent already this year, compared to 9.1 percent at the same time last year. Over 62,000 cases have been investigated and the ministry have warned that the trend could lead to social instability, especially in cases involving large numbers of people, such as pyramid selling or fund-raising frauds.
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