Business

Chinese Tycoon Zhang Jin, Founder Of Fortune 500 Company, Arrested For Alleged Illegal Fundraising Worth US$3 Billion

China has arrested Zhang Jin, the owner of a Fortune 500 company, for illegal fundraising estimated at about $2.9 billion.

Mr. Zhang, the company’s founder, and chairman had been under pressure to refund the amount due to investors in wealth management products supported by the company.

The company’s sales managers from across China had assembled at the firm headquarters demanding that Mr. Zhang accept personal responsibility for late payments.

Cedar Development, the group’s clothes manufacturing unit, stated in an exchange filing on Tuesday that it was unable to contact Zhang Jin, who owns 70 percent through indirect holdings.

His detention is the most recent since Beijing has increased its crackdown on financial crimes in order to maintain social stability. It is also one of the most high-profile investigations and arrests of a tycoon since China lifted its Covid-19 restrictions in November last year.

The police have gathered pertinent material and tasked other authorities with conducting assessments and audits. They have also sealed Cedar’s assets

According to Forbes, Zhang Jin, 52, launched Cedar in Guangzhou in 1997 after a successful run at the stock market.

He graduated from Shenzhen University with a bachelor’s degree in economics and a master’s degree in management from Hong Kong Polytechnic University.

Prior to Mr. Zhang, another Chinese entrepreneur, related to former US President Donald Trump’s former political advisor Steve Bannon, was detained and accused in March of defrauding $1 billion from supporters of his anti-Beijing activities.

Also read: President Droupadi Murmu: Deeply Saddened By The Loss Of Lives In MP-Bus Accident

Spriha Rai

Recent Posts

Jamia Students Back Waqf Amendment Bill; Call It A Step Toward Empowerment

The student group 'Shaher-E-Arzoo' expressed firm support for the Waqf Amendment Bill, calling it a…

2 hours ago

India’s Exports To The US Face Limited Impact From Tariff Hike: SBI Report

The 27% tariff hike by US President Donald Trump on Indian goods will have only…

2 hours ago

Waqf Freed From Mafia Control, New Era Of Development Begins For Muslims: MRM

Following the passage of the Waqf Amendment Bill 2024 in both Houses of Parliament, celebrations…

3 hours ago

India’s Forex Reserves Surge To $665.4 Billion; Rupee Strengthens As Trade Deficit Narrows

India’s forex reserves jumped $6.6 billion to a five-month high of $665.4 billion for the…

4 hours ago

Laxmi Singh Leads Gautam Buddha Nagar Police To Historic No 1 Rank In IGRS Across All Stations

Gautam Buddha Nagar Police, led by CP Laxmi Singh, achieved a historic feat with all…

5 hours ago

Avoid Rhetoric That Vitiates Atmosphere, Ensure Safety Of Hindus In Bangladesh: PM Modi Tells Yunus

Prime Minister Narendra Modi called on Bangladesh to bring perpetrators of atrocities against Hindus and…

5 hours ago