China's Transit Elevated Bus has been called a "scam" by police

China's incredible concept for a floating bus that traveled over the top of cars was once heralded as the future of transport that would ease traffic congestion issues, but now it's being described as a "scam" by police forces in Beijing.

Fundraising platform Huaying Kailai is the subject of the investigation after a Chinese report posted on Weibo alleged that it had raised $1.3bn in private investments, promising a return of 12%.

72 investors have now filed lawsuits against the firm, whilst police are currently holding more than 30 people in custody - including Bai Zhiming, who runs both Huaying Kailai and the Transit Elevated Bus project.

As well as this, the company that designed the bus, Autek, is apparently still owed money for their work on the project.

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When the prototype for the Transit Elevated Bus was unveiled in August 2016, expectations were high despite its lack of speed and logistical issues regarding just how cars were supposed to travel underneath it - any vehicle taller than 7ft would have to find a different route, whilst going round corners caused every car to have to stop and wait for the bus to complete the manoeuvre. 

Local government in Qinhuangdao has already started deconstructing the specially designed tracks that the TEB drives on, and will put the bus in a garage after the futuristic vehicle was stationary ever since that initial demonstration.

However, Zhiming has reportedly told Chinese media that he will be relocating the TEB is another city to try the project again.