Shanghai Woman in Focus as Probe Shows Fear of Capital Exit
- State media reported on speculation Linda He has been detained
- Wailian founder helped wealthy Chinese get US investment visas
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Chinese state-run media outlets are adding credence to speculation that an executive who helps wealthy families move their money to the US was among those detained last week for illegal currency trading, as President Xi Jinping’s government moves to prevent capital outflows in the face of economic woes.
Shanghai police announced Thursday they had detained five people for illegal foreign currency transactions worth some 100 million yuan ($13.8 million), including a woman surnamed He, age 54, who ran an immigration services company. Officials didn’t give He’s full name or identify the firm.