The victims said they paid a lot of money in hopes of high returns. The site charges a commission fee for each transaction but does not ask for proof that goods were sold. An agent surnamed Ye, who paid more than 60,000 yuan in the past three months, said it appeared profitable as every 575 yuan paid, including commission, could earn 365 yuan a year in return. She said that agents also could earn money by recruiting other agents.1 billion yuan or $158 Million is a pretty good take in a country averaging $4000 income a year.
Thursday, June 7, 2012
Wild West Wenzhou Part II
There are things the Chinese have not seen in this lifetime. They've never seen real estate prices fall (mortgages were only allowed in the late nineties) and they have apparently never seen a pyramid scheme. I wonder where Guo Chuanzhi landed? Was he already a naked executive? (meaning has he already sent his family overseas). E-commerce boss stole US$158m, then vanished