A Chinese national wanted in connection with a Ponzi scheme estimated to have defrauded nearly 24,000 victims out of EUR 34 million was arrested in Papua New Guinea following cooperation via INTERPOL, the agency said.
Posing as an investment opportunity promising attractive returns, the scheme exploited social media and word of mouth to attract investors and incite them to recruit others. In reality, existing debts were paid with funds received from more recent investors in a textbook Ponzi scheme while the operators enriched themselves. As a result of international police cooperation via INTERPOL, the Red Notice subject was arrested in Papua New Guinea and returned to China
The 46-year-old was identified after attempting to use a falsified passport to obtain a visa, when follow up enquiries revealed him to be the subject of an INTERPOL Red Notice, issued at the request of China in 2021.
Further cooperation between China, Papua New Guinea and Singapore – supported by the INTERPOL Financial Crime and Anti-Corruption Centre (IFCACC) as well as INTERPOL’s Fugitive Investigative Support unit and Command and Coordination Centre – resulted in the man’s arrest at Jacksons International Airport in Papua New Guinea.
He was subsequently returned to China via Singapore.
“The fact that the Red Notice subject could be successfully apprehended and brought back to China amid COVID-19 again demonstrates the unique role of INTERPOL in fighting transnational crimes,” said…
