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Caixin

How Chinese private equity firms got scammed by sales staff

Con artists milk own employers of base salaries while providing zero results

Dozens of small and midsize private fund management companies say they have been defrauded by con artists.

When an entrepreneur surnamed You set out to build a sales team in Shanghai in December 2020, she thought she had hired a team full of potential to sell her company's fund products.

What she did not count on was for the 10 new hires to be regularly absent from work and fail to seal any deals. Worse still, they worked together to create a false sense of progress.

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