(From Reuters)

A court in southern China has jailed 24 people for fraudulently raising nearly 10 billion yuan ($1.5 billion) in one of the country’s biggest financial scams, the official Xinhua news agency said.

The fraudsters raised nearly 10 billion yuan from over 230,000 investors by promising them returns of as much as 47%

The group was convicted of illegally raising funds during the decade to 2012 from more than 230,000 investors, mainly senior citizens who put in their life savings, it said, citing the court.

Guangdong Bangjia Leasing Co set up four firms in the southern province and many branches and subsidiaries across China, luring retail investors to buy memberships and fund non-existent loans by promising returns of as much as 47%. Read More

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