NANJING, July 1 (Xinhua) -- A major suspect in an illegal fund-raising fraud scheme, involving more than 100 billion yuan (about 14 billion U.S. dollars), was extradited to China from Greece on Sunday, local authorities said on Wednesday.
The fraud, concerning an online financial platform called Qbao.com, is one of China's largest fraudulent fund-raising cases in recent years, according to the public security department of east China's Jiangsu Province.
The suspect, surnamed Xiong, was a key member of Qbao.com, and was responsible for data analysis in related companies.
Zhang Xiaolei, the head of the platform, used Qbao.com to illegally raise money from the public, promising high return rates ranging from 20 to 60 percent annually, as bait to attract deposits. The funds were used to pay off old debts, pay high salaries to the company's senior executives, and some were squandered away by Zhang.
In December 2017, Zhang surrendered himself to the police due to the broken capital chain. Xiong fled overseas in June 2017.
The Intermediate People's Court of Nanjing, capital of Jiangsu Province, sentenced Zhang to 15 years imprisonment, and confiscated 100 million yuan of his personal property.
After returning to China, Xiong received nucleic acid tests, and was escorted to Nanjing in an enclosed environment. Xiong is now under quarantine observation at a government-designated quarantine hotel.