China's Fox Hunt Extradites Zhang in $14 Billion Pyramid Scheme

Aug 22, 2024, 05:13 PM

China's Ministry of Public Security announced the extradition of a Chinese national, surnamed Zhang, from Thailand. Zhang is suspected of organizing and leading a pyramid scheme involving more than 100 billion yuan ($14 billion). This marks the first financial criminal suspect extradited to China from Thailand. The extradition was part of a broader crackdown on cross-border economic crimes, including a joint operation with Myanmar that led to the transfer of 307 Chinese nationals suspected of telecom and internet fraud back to China. The extradition was conducted by the "Fox Hunt" working group and took place on Tuesday. Zhang's scheme was associated with the MBI Group.