Police in Central China's Henan province rounded up 33 people suspected of illegal gold-futures trading in a case involving more than 5,000 investors and at least 380 billion yuan ($59.62 billion). http://www.chinadaily.com.cn/cndy/2012-07/18/content_15593030.htm http://www.kitco.com/reports/KitcoNews20120720KB_china_gold_scam.html
Henan province is renown in China for these sorts of dodgy scams, a mate of mine a Henanese calls it the Nigeria of China. You got 18 year old kids rocking the latest Ferraris and Lambos - all black money as they call it. Surprised they were able to take in that much though (even if they were able to pay off all the officials in the city).
Its this stuff that is probably behind the rule that only shanghai was allowed to do exchanges, which PAGE got caught up in.