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Couple arrested
May 28, 2009, Thursday
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Print Edition
THE owner of a construction company and his wife were arrested yesterday for defrauding 9 million yuan (US$1.31 million) by encouraging people to invest in non-existent projects.
Minhang District prosecutors charged Wang Zhongli, a 41-year-old from Anhui Province, and his wife, Li Xiaomei, with contract fraud and investment fraud. Wang lost over 5.6 million yuan on a project in Pudong New Area in March 2008 and the pair turned to fraud to cover their losses and pay off debts, prosecutors said.
Minhang District prosecutors charged Wang Zhongli, a 41-year-old from Anhui Province, and his wife, Li Xiaomei, with contract fraud and investment fraud. Wang lost over 5.6 million yuan on a project in Pudong New Area in March 2008 and the pair turned to fraud to cover their losses and pay off debts, prosecutors said.
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