Police are searching for an official in Wenzhou, Zhejiang province, who is missing with at least 100 million yuan ($16 million) that he owes to 100 residents, China News Service reported on Wednesday.
Jiang Gongkai, who is in charge of demolition work at the construction management office of Binjiang new district in Wenzhou, used his post and promised high returns to lure people to invest in non-existing projects, police said.
Some victims said Jiang promised them 5 million yuan for an investment of 2 million.
So far, more than 40 creditors with investments totaling some 80 million yuan have reported the case to police. Police said the largest creditor is owed 14 million yuan.
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