US authorities arrest Chinese billionaire Guo Wengui for allegedly defrauding thousands

Guo Wengui, China's billionaire and proclaimed dissident, has been arrested on Wednesday for allegedly defrauding thousands of followers out of more than $1 billion through complex investment schemes, reported CNN. news was anunced by US prosecutors who said that Guo has t used money way he h promised potential investors. Inste, he put funds to invest in a hedge fund to benefit his media company GTV Media Group and a relative, a New Jersey mansion, to cover maintenance payments for his $37 million, a 145-foot luxury yacht, and a custom-built Bugatti sports car valued at $4.4 million. 

China's billionaire Guo arrested 

Guo, who is popularly kwn as Ho Wan Kwok and Miles Guo, h been denied bail by federal judge. Guo has been kwn for his staunch criticism of  Chinese government and has been exiled to Manhattan. On Wednesday, March 15, he was taken into custody in New York, US. He was also a close aid to former US President Donald Trump's viser Steve Bann. Guo was held for misusing investor money using different schemes "including his media company GTV Media Group, a farm loan programme through Himalaya Farm Alliance, and a cryptocurrency called Himalaya Coin", reported CNN.

Guo Wengui h co-founded two nprofit organisations - Rule of Law Society and Rule of Law Foundation. He h used se two organisations to attract investors who believed in many of his ideas, alleged by prosecutors. se nprofit organisations have been linked to "a group promoting ory that vel coronavirus was likely engineered in a Chinese lab", reported CNN. Toger, Guo and Bann (who was an visor to Former US President Trump) h co-founded Rule of Law organisations, however, Bann has t been charged for this case. tably, in 2020, Bann was arrested on Guo’s yacht in a separate fraud case. Meanwhile, when FBI was investigating and searching his apartment on Wednesday, a fire broke out. However, cause of fire is yet to be discovered and is under investigation. re has been comment from Guo’s lawyer on matter.