Shanghai prosecutes frauds worth $329 million

Shanghai authorities prosecuted 39 financial professionals, in 23 cases involving nearly 2 billion yuan ($329 million), as of November.

Prosecutions covered embezzlement, bribes, fraudulent fundraising and taking deposits from the public illegally, according to Shanghai prosecutors.

Some of the offenders organized illegal fundraising in the name of selling financial products, and some were guilty of taking bribes for procurement.