After rumors spread that the Chinese billionaire Jack Ma is giving away money as a gift, there was a huge rush of people gathering to get the money. Apparently it was a scheme for the senior citizens, where Jack Ma was distributing money on the occasion of New Year.

The Alibaba founder Jack Ma was distributing money as a gift to the senior citizens on the occasion of Lunar New Year. Senior citizens were lining up near banks all across China, although this was brushed away as a scam.

People believed this rumor as Jack did something similar before. For previous Lunar New Years, Jack gave gifts to his customers. He spent millions and gifted money to people. But the latest rumor was not confirmed by anyone.

The rumor of Jack Ma giving money to elderly people was spread by WeChat group, where they claimed that Ma was giving 200 Chinese yen (around Rs 2,150) to anyone who is 60 years-old and above. An age proof was the only document needed and you will be able to take advantage of this scheme. The Lunar New Year which is celebrated from February 11 to Feb 17 is an important occasion in China.

When the senior citizens started lining up at banks across Fuzhou, the authorities told them not to believe these rumors. The security personnel warned everyone to beware as this could be a scam.

Many times during the Lunar New Year, Jack Ma had distributed money to Alibaba customers. It could be an online coupon, or through Alipay or other such means. But over the past, Ma has distributed millions.

It can be seen why the Chinese citizens believed the latest rumor as well. Many thought that Ma was back with a new, LNY scheme.