Elevated Transit Bus Service that took the world By surprise in China has ended up as an investment scam. As per the latest developments, the elevated transit bus project has been scrapped by the Government.
The bus transit created a huge buzz in the world after it was shown that it can beat the heat of the traffic. However, the trial run did not give the clear picture of the service. According to the sources, there were issues with the bus in turns. There was no clarity in the flyover passes as well. The project saw no technical growth for quite some time. After evaluating all the concerns, it was decided that the elevated transit bus Service was no good for the public transport and was scrapped.
But the project got into huge trouble after it was scrapped. According to sources and reports, this came out as a scam. Plenty of investors were attracted to the project with a promise of at least 12% of profit. The investors were required for the project as the banks in China generally do not show enough interest in funding such startup projects. The investors soon started asking for their money back, but the company at the helm was not responding.
The owner of the company has been arrested and the investigation has started. The authorities are trying to get the money of the investors back. However, it is not immediately clear that how much money was invested and how much has been recovered.
Once called Future changing technology, the elevated transit bus Service will now be known as one of the biggest scams.