# fraud

Shenzhen ‘Private Gold’ Scheme Freezes Withdrawals as Investors Face Billion‑Yuan Losses

A Shenzhen‑based private gold platform, Jieworui, has frozen withdrawals and offered investors steep haircuts, leaving potential claims exceeding 100 billion yuan and tens of thousands affected. The product was a high‑leverage, social‑media‑distributed ‘lock‑price’ scheme that failed when rising gold prices overwhelmed the operator’s liquidity, prompting regulatory scrutiny and potential criminal probes.

SoBiz2026年1月30日 05:09

#China#gold#Shenzhen

Smiling woman surrounded by digital and physical currency in a tech office setting.

Business

Forged Seal and a Hidden Channel: How a 3.5bn RMB Loan Became a Bank’s Biggest Loss

A forged corporate seal and a multi‑layered interbank channel enabled the disappearance of Rmb3.5bn in a loan scheme that implicated multiple banks and asset managers. Criminal convictions followed, but a Supreme People’s Court ruling that the deposit was part of an illegal collusion left the originating bank to absorb the loss and restart litigation against several counterparties seeking partial recovery.

SoBiz2026年1月27日 06:30

#China banking#fraud#cross‑institutional channels