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$1.3 Billion Crowd Funding Scam
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$1.3 Billion Crowd Funding Scam 

Today, lots of people need fund for their business; one of the ways is using crowd funding. As we know, crowdfunding scams nowadays are on the rise. It’s indeed that this thing is a great way to bring promising ideas into reality; the important thing is to ensure that reality is not going to be a scam.

In 2016, the Internet spread the news about futuristic elevated bus called “straddling bus” from China. This actually provided us with a glimpse of the future technology and public transportation especially for a city, which has a huge traffic problem.

In a creative and technology industry, we need to create new innovation and be that unique as China always wins to have ideas in building such a mind-blowing innovation to tackle country’s problem. We can think creatively without any box, however, we also need to place our thought in the right direction. Thus, all the projects we intend to create fits with the needs and wants of the potential users.

TEB or Transit Elevated Bus glides above any other vehicles as a solution to China’s traffic issues, previously. However, researchers discovered that this innovation merely causing more traffic in China. Therefore, the police in Beijing are doing investigation for this new innovation, as this looked as a “weird” innovation in public after it failed to pursue the objective.

The police investigated whether the company behind TEB raised money illegally through an online portal or crowd funding. As this project turned out to be a scam, which company managed to raise $1.3 billion from 72 investors, media have accused the company behind the TEB of misleading investors and crowdfunding their project illegally.

In addition, media revealed that the “road test” on August 2 in Qinhuangdao City, was actually only to attract more potential investors for a project that actually would never be produced. Now the worst thing is investors crave for getting their money back since it did not offer a solution to China’s serious traffic problems.

 

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