More and more Chinese college students are being identified as part of huge investment scams in the country.

The new scams are hiding behind financial and e-commerce investments in the country. According to a report from WantChinaTimes, a large number of college students have been involved in these dubious acts.

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Xi’an Lintong district authorities have recently conducted an operation arresting a total of 418 people including con artists. District police also raided 55 areas and said 40% of those whom they arrested were college students.

The raid in Xi’an Lintong follows a similar move in China in July where a hefty number of college students were also apprehended.

Lintong police bureau deputy chief Lu Yadong said scammers changed their names to joint venture startups and other e-commerce financial investment operations. This extended their targets to college students and those who were working white collar jobs. Lu also said the new targets were aside the underprivileged group targets.

The deputy chief of the police bureau also said the new investment schemes look very appealing to young people who have a little knowledge about investment. Lu said most of the college students they have apprehended said they were pursuing their careers. They also denied any involvement in the scams. Furthermore, Lu said some of the college students caught even returned to scamming despite police efforts to crackdown on offenders.

Meanwhile, insider sources said the participation of college students in investment scams show the flaws in the Chinese education system. Insiders said fewer jobs and low salary prompt them to engage in illegal activities hoping to make easy money.

On Friday, a total of 115 people were arrested in Hong Kong, China, Taiwan and Macau, said Taiwanese authorities. The offenders were caught using over-the- telephone scams, looking at the elderly group as their main target. Police said victims have swindled more than US$23.4 million.

TagsChina scam, Taiwan, Hong Kong, Macau, Xi'an Linton, WantChinaTimes, Lu Yadong