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Financial crime increasing sharply

THERE has been a sharp increase in financial crime in Shanghai this year, with Pudong prosecutors handling more cases in the first eight months this year than in the previous two years.

To combat the trend, the Pudong New Area People's Procuratorate launched a financial crime unit yesterday, today's Shanghai Morning Post reported.

From January to August, the Pudong procuratorate received 57 financial crime cases involving 69 people, prosecutors told the newspaper.

They also handled another seven cases involving illegal financial business operations, covering securities and futures.

They said that exceeded the number of cases they handled in the previous two years, without citing a figure.

A lot of money was involved in the cases, they said, with the biggest case involving 120 million yuan (US$17.58 million).


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