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138 detained in illegal fundraising crackdown in E China

(Xinhua)

15:44, February 29, 2012

JINAN, Feb. 29 (Xinhua) -- Police in east China's Shandong Province said Wednesday that they have detained 138 suspects for illegal fundraising as part of a crackdown on the practice.

Police have opened 87 cases concerning illicit fundraising since the crackdown started in November. A total of 3.3 billion yuan (524 million U.S. dollars) was involved in the cases, according to a Wednesday press conference held by the provincial police department.

Police have already cracked 51 of the cases, arresting 138 people, said Zhu Chenxi, an official with the department's criminal investigation team, at the news briefing.

China has been cracking down on illegal fundraising, a practice that has boomed in recent years due to the difficulties small businesses have in obtaining loans.

Starting March 1, the Ministry of Public Security will launch a nationwide campaign to crack down on economic crimes. The crackdown will last through August.

Earlier this month, police in the eastern province of Zhejiang, the cradle of China's private enterprises, detained the head of an education group, as his firm owed a whopping 4.5 billion yuan to over 7,000 private creditors.

Also in Zhejiang, a court in January upheld a death sentence for Wu Ying, a once-wealthy businesswoman who was convicted of fundraising-related fraud.

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Puzzled at 2012-02-2931.172.30.*
One qustion : Why is the interest on fixed deposits negative? This is most unusual. Tell me if I am wrong.
  

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