- Chinese tech innovator and investor is reportedly arrested for involvement in illegal poker
- Xu Chaojun, former president of social media platform RenRen could face prison
In his native china, Xu Chaojun is well known for being a major tech investor who has been involved with a number of high profile companies and projects.
However, it has now been reported that Xu could potentially be in hot water after allegedly being caught operating an illicit high stakes poker game. With over $440,000 allegedly in the pot, it would appear that there was some serious cash being wagered. And, according to reports, the ever-enterprising Xu stood to make a cut from the rake.
Hard line on wagering
That activity is illegal under Chinese gambling law and, as a consequence the internet tycoon could be facing up to three years in jail if the allegations are true.
Gambling for money is not permitted in China, which is why the country’s high-rollers head to Macau en masse to get their kicks.
Elsewhere in mainland China, officials take a hard line on wagering with real money. And so it goes that Xi was reportedly arrested in mid-June in a Beijing restaurant with nine conspirators. The poker game that police busted had 3 million yen on the table, or the equivalent of $446,000.
Had Xu only been participating in the game, it’s unlikely he would be facing jail time, but if he were taking a rake as is alleged, he would be guilty of operating a casino in accordance with Chinese law.
The internet investor is the former president of social media platform RenRen, which has 240 million users.
However, Xu’s fondness for poker is no secret, for the entrepreneur is the founder of Beijing International Poker School where he also teaches. He appears to be a talented poker player too, having fared best out of all the human opponents who faced off against the Computer Science Department of Carnegie-Mellon University’s newest AI poker bot.
Texas Hold ‘Em is the game that the 10 wealthy Chinese men were allegedly playing when Beijing police burst in and put an end to their fun.
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