FUTIAN police have closed a company allegedly involved in illegal speculation in gold and foreign exchange futures with a trade volume of almost US$150 million.
Police had detained five suspects on charges of conducting an illegal business, media reports said yesterday.
The company, which police did not identify, was registered to provide investment consultations but did not have a permit from the foreign exchange management authority to conduct foreign exchange.
One of the suspects, identified as Liu, had signed trade contracts with a Hong Kong finance corporation, inviting mainland customers to open accounts in Hong Kong to trade gold and foreign exchange futures.
The Hong Kong finance company charged customers fees and returned some of the fees to Liu s company.
The company hired a large number of salesmen and trained them to seek customers through the Internet, by telephone and social networks.
(Li Hao)
