Guo Wengui, a Chinese businessman and billionaire wanted in Beijing was arrested by New York Police. Read to know more.
Who is Guo Wengui? Why was he arrested?
Guo Wengui is a Chinese businessman with close ties to Steve Bannon, Former US President Trump’s political advisor. The billionaire was arrested in New York by the NYPD on Wednesday. He is facing charges of stealing funds worth $1 billion from people supporting his anti-Beijing actions. Wengui’s co-conspirator, Je Kin Ming from Britain is currently still at large. The US Justice Department is accusing the duo of stealing from people who invested in the scheme. The duo bought luxuries such as a $3.5 million Ferrari, a yacht, and a 50,000-square-foot mansion.
A court official revealed that Guo pleaded not guilty, However, he agreed to be detained during an initial hearing of his arrest. Moreover, following his arrest, a fire broke out in the building of his penthouse apartment in Manhattan. The arrest comes nine years after the billionaire fled China in 2014. He is facing charges of fraud and corruption. He is also well known for speaking about graft inside the government in China.
More about the arrest and fraud
The US Justice Department revealed Guo Wengui was using his Cantonese name, Ho Wan Kwok for leveraging his prominence. He was highly critical of the Xi Jinping lead government and remained in exile in New York. He also built massive online support, who were encouraged to donate or invest in non-profits and businesses controlled by Guo. This also included the GTV Media group where the former President’s political advisor is a director. He raised hundreds of millions of dollars for the Himalaya Farm Alliance, a luxury club and Himalaya Exchange cryptocurrency issuer. Moreover, the Himalaya Farm Alliance promised to provide GTV shares at a discount.