China sees more financial crime

Chinese police closed 207,000 cases of financial crime and recovered economic loss of more than 47 billion yuan (7.2 billion U.S. dollars) last year, the Ministry of Public Security announced on Sunday.

According the ministry, China has seen more frequent illegal fund-raising, fraud, securities and futures crime, and evolving methods related to counterfeit money and consumer goods and bank card fraud, which have undermined market stability.

Credit card crime has surged in China, with 63,000 cases filed in 2015, an year-on-year increase of 40 percent.

Last year, cases of illegal financing involved more people from all over the country and huge losses were reported. In one case, online peer-to-peer broker Ezubao cheated about 900,000 investors out of more than 50 billion yuan.

The ministry has launched several campaigns offering education on preventing financial crime.

(APD)