In 2011, a man from Malaysia established a company in Beijing without a permit from the State Administration of Foreign Exchange. He claimed to be able to help people invest in overseas foreign exchange markets and illegally gained 60 million yuan.
In 2010, a group of criminals, including two from Hong Kong, registered a security investment company without a permit from the China Security Regulatory Commission. More than 1,000 people invested in the company and lost their money.
Liu Lin, a lawyer specializing in economic cases from Shuangli Law Firm in Beijing, said it is not rare to hear of people going aboard to make illegal transactions.
"In this way, they can escape responsibility under Chinese laws," he said.
"Our country has not yet signed extradition agreements with some Southeast Asian countries. It has become a loophole for these criminals, especially for those who are Chinese but have committed crimes overseas," he said. "That is why it is necessary to build up more legal cooperation with other countries."
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