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China’s Dream ‘Elevated Bus’ Has Turned Out To Be A Scam, Police Investigating The Fraud

Published on 5 July, 2017 at 12:30 pm By

Remember how China launched a model prototype of an elevated bus in 2016, which was meant to solve the nation’s traffic congestion? The Transit Explore Bus, which was meant to carry 1400 people at a time, has turned out to be a scam. According to the Chinese authorities, the matter is currently under investigation.


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The officials are looking into the fundraising techniques used by the firm that unveiled the one-of-its-kind cutting-edge technology – a bus that would glide over traffic jams without getting off the ground.

The Chinese bus project is now being shelved
indiatimes.in

 



In August 2016, footage depicting the prototype of the bus went viral. In the footage, a bus could be seen driving down a track in northern Hebei province. But since it raised a lot of concerns regarding its feasibility and financing, the Chinese authorities decided to investigate.

The firm, known as Huaying Kailai, which is an online lending firm, is being investigated by the Beijing police. As per a report, the firm has connections with illegal financing. Till now, 32 people related to the scam have been detained.

The firm is now being investigated by Beijing Police
233vibes.com

According to the report, the project has now been shelved by China. As published in Engadget, 72 investors have filed suit against the company. It seems the dream of an odd elevated bus-tram gliding over commuter traffic is towards its end, before the beginning.


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