Earlier this week, the Beijing Municipal People’s Procuratorate released a new white paper on financial crimes (in Chinese). According to the white paper, illegal fundraising activities and financial crimes in Beijing are on the rise—not only did the number of fraud cases increased, but the scale and spread of these crimes also escalated. Crypto and blockchain-related fraud cases have also become more prominent over the past year.

According to the white paper, in 2017, prosecutors across Beijing arrested 1342 people in 889 financial crime cases and filed charges against 1480 people in 820 financial crime cases. In comparison to 2016 figures, the number of financial crime cases increased by 4.33% and the number of people involved in these criminal cases increased by 20.03%. In illegal fundraising cases, 817 were arrested in 428 cases in 2017—a 26.63% increase from the previous year.

According to Jiang Shuzhen, the director of financial crimes department at Beijing Municipal People’s Procuratorate, said there are still many issues and controversy surrounding financial crime cases. There need to be clear regulations especially on internet finance, crypto, blockchain and other emerging areas in finance.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.