China Launched Online Platform To Help Fraud Victims

China’s public security ministry has launched an online platform to register the victims of investment frauds and pyramid scams, the media reported on Sunday. The ministry said the website is to help in fraud investigations.

Also Read : Microsoft Joint Hands with a Chinese Partner to Accelerate Adoption of the Windows 10 Operating System

LogBook : Online Platform To Help Fraud Victims

China recently launched an online platform to record investors and investments in illegal fund-raising cases.

The initiative comes after a crackdown on online lending platform, Ezubao, EFE news reported.

Ezubao had collected $7 billion from more than 900,000 investors. Disguised as an investment company, which collected money over the internet through the bait of promising returns.

Ezubao diverted funds it collected from investors to finance the personal expenses of its directors and managed to return the initial investments with the money it collected from new clients.

Also Read : Within 20 Years Nearly Half Of All Jobs In Japan Could Be Done By Robots

The operation, revealed on February 1, led to the arrest of 21 people and caused a huge stir in the country due to the popularity of Ezubao, which was founded in July 2014 and gained ground in the country through an aggressive ad campaign, including spots, on the state broadcaster CCTV.

The ministry said that the online platform will allow victims of the Ezubao scam to register themselves on the website until May 13, to facilitate the investigation.

The information given by the victims will be verified and serve as the basis for a possible refund of the defrauded amount.

The website will also be used for victims of possible new cases of fraud that could occur in the future.

Also Read : Power Paper – A Paper to Store Electricity Coming Soon

TechLog360 Publishes Latest Tech News,Hacking News,Security and Privacy Tips,Tech Hacks,How To Guides and Lots More. Its All About Science &Technology


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More from this stream