The "elevated bus" that received a lot of attention in China last year actually appears to have been a scam. Although a prototype version was tested, the project quickly encountered financial problems and it's basically been abandoned. According to Chinese authorities, it appears the entire project was a scam from the start.
As part of an ongoing investigation, 30 people connected to Huaying Kailai are being held by police. Huaying Kailai helped Transit Elevated Bus (TEB) raise funds, but that activity is now believed to have been illegal fundraising.
At least 72 investors in TEB are suing, possibly for many millions of dollars. TEB had reportedly raised $1.3 billion by late 2016.
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