China Xinhua News
You might have seen around the internet before photos of the Transit Elevated Bus (TEB), a concept that came from China where the “straddling bus” looked a lot like a moving tunnel. It was being developed with the end goal of reducing the fuel consumption and carbon emissions of the country. But it looks like the entire thing was a scam. Beijing police is investigating the company behind TEB for alleged illegal fundraising. Over 30 people associated with Huaying Kailai, an online financing platform that was selling an investment product to help raise money from individual investors to help develop the bus, are being held by authorities. The police are looking to recover the money taken from the individual investors, which is estimated to be around US$1.3 billion. It’s said that 72 of those investors have already filed suits against the company.
TEB did its first road test run back in August on a 300-meter track in the northeastern port of Qinghuangdao city. But after that it’s just become a giant roadblock. Local authorities already plan to remove the tracks by the end of the month.
Source: Quartz + Digital Trends