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Chinese company accused of swindling 3 billion MNT

By B.DULGUUN

Mongolian citizen Ulziisaikhan told Unuudur Daily that a Chinese company swindled four million MNT from her, and that many others are getting ripped off for large sums of money.
The Chinese company in question, Lin Rui, opened a branch named Mongol Lin Rui in October 2012. The company’s office is located behind the Monos Pharmacy west of State Department Store in the Chingeltei District.
Journalists of Unuudur Daily couldn’t find any information about Lin Rui online, so they went to investigate the main office. When the journalists told the front desk that they were from Unuudur Daily, a Chinese woman who was later identified as being in charge of all international and domestic transactions, ran out of the building in haste, completely forgetting to put on a coat. Another staff member reportedly started crying about having chest pains and feeling faint.
According to Lin Rui’s critics, the company professionally scams large sums of money as a pyramid scheme investment. They win customers’ trust by giving them profits for the first few months, and then encourages them to invite friends and family members to join, gaining more profits for the company by making hundreds of investors suffer losses.
Unuudur Daily journalists were told that Mongol Lin Rui has taken in nearly three billion MNT from over 1,500 local investors. Several people outside the office stated that they haven’t received any money from the company for over six months, and are taking turns to guard the office in groups of five to six people, as they don’t know when or where the company employees will run off to. According to the frustrated group gathered outside of Lin Rui, the lives of dozens of people have been destroyed and three people suffered heart attacks after hearing about the scam.
Ulziisaikhan says she lost four million MNT to Lin Rui, but she claims that she’s lost a small amount of money compared to other investors who lost 70 to 80 million MNT, and some who lost nearly 100 million MNT. With the hopes of earning money on their investments, most of the victims took out loans, using their homes, cars, and immovable property ownership as collateral. Now, they are unable to pay off their loans, since the company hasn’t paid them for almost half a year.
The investors reported that the employees of Mongol Lin Rui were very persuasive, and it was almost impossible not to trust them. Employees of Mongol Lin Rui showed video clips and official looking company documents to prospective investors, and affirmed that the company was one of the top five trade companies in China.
“Mongol Lin Rui could be a scam and money laundering scheme instigated by a group of Mongolians and Chinese people,” said the group of angry investors outside the office. They explained their reason for this accusation, “Last year, five people got to visit the headquarters of Lin Rui Group in China, but they only got to stroll around an empty office for a while over the weekend.”
More information on this story will be provided once evidence of organized transnational fraud has been gathered and confirmed.

Short URL: http://ubpost.mongolnews.mn/?p=13218

Posted by on Jan 25 2015. Filed under Онцлох мэдээлэл. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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