A High Court judge freezes nearly 70 million dollars in NZ bank accounts following alleged pyramid scheme investigation
A High Court judge has frozen nearly 70 million dollars in New Zealand bank accounts following an investigation into an alleged pyramid scheme
25 June 2018
New Zealand police have been investigating money deposited here by millionaire businessman Xiao Hua Gong after his arrest in Canada on fraud and money laundering charges.
He denies allegations his success is built on a pyramid scheme selling medicines in China.
Court information obtained by The Herald shows a judge is satisfied there are reasonable grounds to believe Gong has profited from criminal activity.
He's frozen the businessman's assets, which include bank accounts and a two million dollar Auckland home.
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