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Last updated at: (Beijing Time) Saturday, September 06, 2003

Shanghai Businessman Arrested for Fraud, Manipulating Stock Exchanges

Zhou Zhengyi, reportedly one of the wealthiest businessmen in Shanghai, has been arrested in accordance with law Friday by Shanghai police on a warrant from the Shanghai Municipal People's Procuratorate.


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Zhou Zhengyi, reportedly one of the wealthiest businessmen in Shanghai, has been arrested in accordance with law Friday by Shanghai police on a warrant from the Shanghai Municipal People's Procuratorate.

Zhou is said to have been charged with fraud and manipulating the stock market. A further police investigation is underway.

Zhou, president of the Shanghai-based Nongkai Development (Group) Corporation Ltd., was involved in agriculture, real estate, expressway construction, trade and finance.


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