IPFS News Link • China
Chinese Gold Bullion Firms Defrauded Beijing Of US$15 billion
• chinatopix.comIt said the widespread fraud involved 25 bullion processing companies across China that also made an illegal profit of US$145 million.
Western analysts, however, believe the extent of the scam is much larger. Goldman Sachs estimated that over US$80 billion was advanced in gold backed loans alone.