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August 31, 2011

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13-million-yuan scheme alleged with POS devices

A woman was arrested and charged with drawing out over 13 million yuan (US$2.03 million) in cash by using POS (point of sales) machines for credit card holders, earning over 200,000 yuan in commissions, Baoshan District prosecutors said yesterday.

The suspect, Liu Xia, 40, started to offer a paid service of cashing out with POS machines years ago and had many regular clients, prosecutors said. This allowed credit card holders to get a short-term, interest-free loan by paying a commission of 1.5 percent for a transaction.


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