Beijing, March 23 (ANI): Chinese police have arrested at least 300 people suspected for committing contract fraud worth over 10 million Yuan.
Police busted 13 groups and over 40 companies suspected of involvement in contract fraud crimes, and sealed 90 illegal sites, according to a Ministry of Public Security statement.
The actions are part of the police crackdown on economic crime launched in the beginning of March 2012, Xinhua reports.
Contract fraud involves intentional misrepresentation to deceive victims into entering into contracts.
In most cases, suspects had tricked victims into becoming their franchised outlets or producing contractors but duped victims' money as "equipment fees" or "training fees" and refused to repurchase the products as they had promised. (ANI)
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