China faces protests after investment scheme collapses

AP News
Posted: Jan 23, 2018 5:51 AM

BEIJING (AP) — Chinese authorities are struggling to quell protests following the collapse of an investment scheme police say took as much as $4.7 billion from millions of depositors.

The implosion of adds to a string of failed Chinese financial ventures blamed on fraud or mismanagement that have prompted protests and complaints of official indifference to the suffering of small investors.

On Monday, hundreds of people marched in freezing weather in the eastern city of Nanjing shouting for the government to take action. A video shot by a demonstrator showed police carrying some people away.

The Xinhua News Agency said in a report on Qianbao, "Don't organize and don't participate in illegal activities."