China Says Anbang’s Founder Defrauded Investors of $10 Billion<br />Prosecutors accuse Mr. Wu, who founded Anbang Insurance Group, of illegally raising funds from investors by using false financial statements<br />and promotional materials, according to an official account posted by the Shanghai No.<br />Prosecutors in China say that Mr. Wu concealed his control of a company that he then used to hold shares of Anbang Insurance and Anbang Group.<br />Using one of the company’s subsidiaries, Anbang Property & Casualty Insurance Co., as a<br />funding platform, he ordered the company to develop investment-type insurance products.<br />BEIJING — One of China’s most prominent tycoons, Wu Xiaohui, on Wednesday denied criminal charges<br />that he defrauded investors of $10.3 billion, in a case that shows how the government is going after individuals who capitalized on the risk-taking behavior that led to the country’s debt crisis.
