Yunnan Commodities Exchange Scams Investors

You may remember this news from July: Bamboozled Chinese investors may have lost billions on a mysterious metals-trading scheme
Earlier today (July 16), nearly 200 investors in Shanghai gathered to demand their money back from officials at Fanya Metals Exchange, a trading platform-turned-asset manager that counts China’s biggest banks and metals companies among its partners. They join the 800 or so people who demonstrated outside Fanya’s Kunming headquarters on July 13, outraged that for months they’ve been unable to access billions of yuan (link in Chinese) worth of investments, reports Metal Bulletin (paywall).

The latest from Caixin: Commodities Exchange in Yunnan Ran 43 Bln Yuan Scam, Investors Say
A protest in front of the securities regulator's office in the capital by more than 100 investors who felt they had been the victims of a scam that one analyst says resembles a Ponzi scheme has put the spotlight on a government-backed nonferrous metals exchange in the southwestern province of Yunnan.

The crowd gathered in front of the offices of the China Securities Regulatory Commission (CSRC) on September 21 to demand regulators intervene in what investors said was a 43 billion yuan fraud involving the Fanya Metal Exchange, a four-and-half-year-old trading platform for nonferrous metals in Kunming, Yunnan's capital.

...The demonstrators said some 220,000 investors were still locked into products sold by the exchange. They said they had been having trouble withdrawing money from their accounts with Fanya since April and withdrawals stopped altogether in July.

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