While Chinese stocks have fallen in recent months, top value investor Whitney Tilson isn’t seeing value in the Asian giant. In fact, he says China is “uninvestable”.

In an email to ValueWalk.com, Tilson explains how his father appears to have been scammed after recently buying a product from a Chinese website, “yet another case study that reinforces my belief that if you do business or invest in China or with Chinese companies, there’s an alarmingly high likelihood that you will get scammed”. Tilson says that rather than trying to address fraud, the Chinese government “instead … attacks those who seek to uncover it — no doubt largely because princelings (children of powerful senior leaders) are directly complicit in (and profiting enormously from) the fraud.”

Tilson adds that there are many legitimate, honest people and businesses in China. “But,” he says, “I’m convinced that the fraud is so pervasive that, as an outsider who can’t tell who/what is legit, you’re likely to get scammed.” And, for investors, here’s the kicker: “In my view,” Tilson says, “China falls into the same risk category as Russia and Zimbabwe — completely uninvestable.”