皇冠体育app

BEIJING - 皇冠体育app saw nearly a 10 percent rise in economic crimes so far this year, the Ministry of Public Security said on Thursday, warning that the trend could lead to social instability.

Zhang Enzhao [newsphoto/file]

The ministry said it recovered 13 billion yuan ($1.65 billion) in losses from more than 60,000 cases of fraud, pyramid selling and illegal fund-raising.

Economic crimes "could trigger social instability and impede economic security of the country," the Xinhua news agency quoted Gao Feng, a ministry official, as saying.

Analysts say economic crime in 皇冠体育app scares away foreign investors and could hinder domestic investment and savings.

Several Chinese banks have also reported cases of embezzlement and fraud this year, and earlier this month a former head of 皇冠体育app Construction Bank -- one of 皇冠体育app's "Big Four" state banks -- was jailed for 15 years for taking bribes to arrange loans.

Gao said police uncovered 1,500 cases of pyramid selling this year, involving $640 million worth of goods

Pyramid selling is illegal in 皇冠体育app, where the government fears the schemes, which seek to envelop a widening network of people who pay to participate, could trigger unrest when the pyramids collapse.