BEIJING — Police arrested 32 people for illegal fundraising linked to the scrapped Transit Elevated Bus project, BBC News reports.
The futuristic idea to lift commuters above congestion quickly attracted international attention when it was launched last year, but was finally officially scrapped last month. There had been growing speculation that it was no more than an investment scam.
Among those arrested was Bai Zhiming, the 47-year-old CEO of the TEB, who is also the founder of peer-to-peer financing company Huaying Kailai Asset Management. The other 31 arrested were Huaying Kailai employees. In a statement, police said they were working to recover investors' assets. For the full story, click here.