SHANGHAI: Police in Hangzhou are searching for the chairman of a wealth management firm who vanished with about US$154mil (RM600mil) of investor funds, the Xinhua News Agency reported.
The case is the latest scandal to hit China’s risk-laden shadow banking sector, which has seen a rise in fraud cases in the past few years as the economy slows and retail investors with limited options are lured into dodgy schemes by promises of high returns.
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