China’s largest social network operator Tencent swindled out of US$2.3 million by con men posing as chilli sauce producer

China’s largest social network operator Tencent swindled out of US$2.3 million by con men posing as chilli sauce producer
Chinese police on Wednesday said Tencent appears to have been duped by a group of people masquerading as representatives of China’s best-known chilli oil maker, Lao Gan Ma, after the internet giant accused the latter of breaching a contract.The dispute emerged earlier this week after a Shenzhen court said it would freeze 16.24 million yuan (US$2.3 million) worth of assets belonging to Lao Gan Ma at the request of Tencent Holdings, who had sued the manufacturer for failing to pay advertising…

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Market news summary from South China Morning Post Market News.
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