83 suspects detained in Shanghai for antiques scam

Shanghai police have detained 83 people, who illegally earned 6 million yuan (873,000 U.S. dollars), in connection with the fake auctioning and unlicensed authentication of antiques.

A gang led by a man surnamed Xiao charged antique holders high commissions by faking auctions, with the clients later told their collections were unsold, a police officer with Shanghai Municipal Public Security Bureau said Sunday.

Collaborating with two other companies, the gang was also found to illegally authenticate antiques, issuing fake reports and charging high authentication fees of 15,000-30,000 yuan per piece.

Police started investigating the case in July 2016 when three fake auctions were reported in Putuo District.

Around 100 people had been caught as of mid-December, with 83 to face criminal charges, the police officer said.

source: Xinhua