14 November 2018

Haikou police arrest fugitive Hainan businessman, website says

Haikou police arrested Hainan Federation of Industry and Commerce deputy chairman Shen Guilin {沈桂林} Monday over alleged illegal fundraising, government portal reported Tuesday. Shen is accused of accepting public deposits in return for monthly interest rates of 2 to 3 percent. Shen fled to Hong Kong in December and then Thailand, Cambodia and Laos after he failed to repay depositors. He is suspected of defrauding as many as 200 people of about 800 million yuan (US$132 million) in total, the report said.

– Contact HKEJ at [email protected]



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