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Billionaires arrested in China's crackdown on illegal loans

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Chongqing, China: "Nearly 500 criminal suspects are on the run following a crackdown on gangsters in China, according to media reports...Illegal loans are one way the gangs make money. One local official said the loan business could be worth as much as a third of [Chongqing's] annual revenue.Three billionaires are among hundreds of people who have already been arrested in the two-month campaign in Chongqing. The head of the city's judicial department is under investigation after claims that he protected gangsters. Police have seized guns and ammunition, and they have also frozen assets worth 1.5b yuan ($220m, £130m). Chongqing, located in western China on the Yangtze River, is notorious for its criminal gangs, according to press reports. 'Iron fist' Illegal loans ...

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