China Fugitive in $220 Million Scam Arrested in Africa’s Only Taiwan Ally
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Jin Houyun
A Chinese fugitive accused of running a $220 million fundraising scam has been arrested in Eswatini, the only African country that maintains diplomatic relations with Taiwan, after five years on the run.
Jin Houyun, 57, was arrested on Feb. 22 in Matsapha, an industrial town in Eswatini. His arrest followed a notice from the Interpol National Central Bureau in Beijing, which said Chinese police were investigating an illegal fundraising case and believed the key suspect was hiding in the country.
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- Jin Houyun, accused of a $220 million Ponzi scheme in China, was arrested in Eswatini after five years on the run.
- He allegedly defrauded over 8,000 investors, using fake wealth management products and fabricated projects.
- Jin faces 14 charges in Eswatini, including fraud and bribery; China seeks his extradition, but recovery of funds for victims is uncertain.
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Who’s Who
- Xin Longyuan (Beijing) Assets Management Co. Ltd.
- Xin Longyuan (Beijing) Assets Management Co. Ltd. was a firm chaired by Jin Houyun, a fugitive accused of running a $220 million fundraising scam. Chinese authorities claim the company illegally raised funds from retail investors before collapsing in 2020. The company marketed wealth management products promising high returns, operating as a Ponzi scheme.
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What Happened When
- 2017-2020：
- Jin Houyun and his associates marketed wealth management products to investors, promising guaranteed principal and annualized returns exceeding 10%.
- 2020：
- Xin Longyuan (Beijing) Assets Management Co. Ltd. collapsed, and Jin Houyun disappeared.
- After 2020：
- Jin Houyun lived under assumed identities and traveled frequently between Eswatini and South Africa while on the run.
- By Feb. 22, 2026：
- Chinese authorities notified Eswatini via Interpol that Jin Houyun was suspected of hiding in the country.
- As of Feb. 22, 2026：
- Jin Houyun found carrying a forged Eswatini diplomatic passport and another passport under a different name.
- Feb. 22, 2026：
- Jin Houyun was arrested in Matsapha, Eswatini.
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