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China Freezes $94 Million from Taiwan Celebrities for Suspected Pyramid Scheme for Cosmetics & Skin Care Products
31st December 2021 | Hong Kong
China has frozen $94 million (CNY 600 million) of assets by married Taiwanese celebrities Zhang Ting and Lin Ruiyang for suspected pyramid scheme for cosmetics and skin care products. Shanghai Dowell Trading is the main operator of cosmetics and skin care products brand TST Tin’Secret, with popular Taiwanese model-actress Lin Chi-ling as its spokeswoman. In 2018, the company claimed to have paid $330 million in taxes. The China market regulator in Shijiazhuang (Capital of Hebei Province) had announced that it had received several reports about a suspected pyramid scheme involving Shanghai Dowell Trading, and because of its use of financial institutions to transfer or conceal funds involved in pyramid schemes, the administration had applied to the People’s Court to take preservation measures under the law.
“ China Freezes $94 Million from Taiwan Celebrities for Suspected Pyramid Scheme for Cosmetics & Skin Care Products “
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Shanghai Dowell Trading Reply on Weibo
“(Shanghai Dowell Trading) is a legally operating company that has always complied with the government guidance, adhered to the legal operation, and paid taxes according to the law … … We are very grateful to the Administration for Market Regulation of Shijiazhuang Yuhua District for guiding our company to check the risk; at present, the company is operating normally. Our company will actively cooperate with relevant departments.”
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