Shan was taken into police custody in December as part of an investigation into the activities of Fanya, which stopped trading in July last year amid the unravelling of its Ri Jin Bao product, a Shanxi police document published by news agency Quartz indicates.
The promise of a 14% return with minimal risk
had investors flocking to the exchange, with some 220,000 investors registered to trade the 14 metals, including indium, germanium, antimony and bismuth, Metal Bulletin was told in May.
The head of the bourse has been taken into custody on suspicion of “illegally absorbing public savings”, after the trading platform froze
an estimated $6 billion of investors’ cash.
Shan and other company executives were arrested for the crime, after...