Jie Shi Company's Ponzi Scheme and Labor Exploitation
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Insights by Echo AI
Jie Shi Company, a subsidiary of Wai Sheng Group, started a Ponzi scheme project 'Xin Guang Yun' in April 2023, scamming around 20 million people in China, totaling over 100 billion yuan. After the scheme collapsed in October 2025, the company fled and continued to exploit employees, withholding salaries, imposing high-pressure policies, and even driving employees to suicide. The company has been violating property management regulations and shows no regard for employee well-being.
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