Asian Tech Press (Mar. 1) -- New Oriental Education, China's leading private tutoring firm was fined 400,000 yuan ($63,372) for allegedly using false or misleading prices in advertising to lure consumers.

According to a news release from the Haidian District Market Supervision Bureau of Beijing City in China, New Oriental commissioned a company to advertise its online courses, claiming that the high-quality IELTS course, originally priced at 399 yuan ($63), was now only 1 yuan ($0.16).

However, it was verified that the product was never actually sold at the original price of 399 yuan, no related sales records, and the price was not indicated on the sales page.

(US$1 = 6.3119 yuan)