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在线翻译:
szdaily -> Shenzhen -> 
Eight on trial for fraud
    2018-07-20  08:53    Shenzhen Daily

AFTER making illicit profits trading virtual cultural artwork, eight people stood trial Wednesday at Shenzhen Intermediate People’s Court, ycwb.com reported Thursday.

The indictment shows that the number of victims involved in the fraud had reached 6,628. The fraudulent gang had swindled a total of 400 million yuan (US$59.36 million) from their victims.

According to prosecutors, in 2014, one of the defendants identified as Qiu became the major shareholder of a company known as Guangdong Creative Culture Property Rights Exchange Center with an investment from his real estate company.

Two years later, Qiu collaborated with a shareholder from another finance company in Qianhai and set up a platform to trade cultural products and make profits from service charges on the deals.

However, the cultural artwork showcased on the platform was not physical pieces, but rather virtual products that only attracted investors to trade and earn profits on the price variations of the products.

The center required that each investor pay a 3-percent security deposit based on the products’ contract prices, but concealed the fact that trading would not actually affect the prices of the products.

Each transaction fee charged by the center and the platform was as high as 10 percent, but the investors did not know about this hidden term either.

The center also developed several subordinate units of members. The members created online chat groups and pretended to be instructors teaching investors how to earn money on the platform.

The prosecutors accused Qiu and the other suspects of being involved in swindling investors and suggested the court impose criminal sanctions.

(Zhang Qian)

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