'Super bus' investors detained for alleged illegal fundraising

More than 30 investors behind a once famous "super bus" project in China have been arrested for alleged illegal fundraising.

Beijing police releases a statement, saying it is investigating a lending firm for alleged illegal fund raising. [Photo: weibo.com]

Those who were taken into custody include Bai Zhiming, chairman of a Beijing-based peer-to-peer lending company.

The company grabbed attention last summer for promoting and raising funds for an elevated bus program.

The transit elevated bus TEB on a road test in Qinhuangdao, Hebei province, Aug 2, 2016.[Photo: Xinhua]

However, controversy quickly followed surrounding the program's feasibility and financing.

The company has reportedly been blacklisted by several regional governments as a high-risk online lending firm.

In the coastal city of Qinghuangdao, where the bus project has been tested, local authorities removed the testing facilities last month.

Testing facilities of a transit elevated bus project known as "Batie" is removed in June, 2017. [Photo: news.91.com]