Wednesday, July 5, 2017

Investigators Look at Bus-Project Crowdfunding Platform

The bizarre-looking elevated bus project is dead. it was canceled weeks ago and city workers in Qunhuandao have removed most of the test tracks that the bus tried to run on. In canceling the project regulators said the bus never really worked, despite some almost-convincing video, and the idle prototype was causing traffic jams as drivers were forced to go around it. Now regulators are saying that the entire project and the crowdfunding platform that funded much of it might have been a scam. Huaying Kailai, a peer-to-peer lending company, was run by the same executive who was running the bus company. The lending company now appears to be out of business. The executive has been questioned by investigators, and law enforcement officials are asking investors to come forward with documents. (Story at CNNtech: http://cnnmon.ie/2sIDzSp)

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