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August 5, 2011

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Five tried for credit card fraud

FIVE people went on trial in a Shanghai court yesterday for credit card fraud and forging bank cards.

The defendants are accused of arbitraging money from the cards, many from overseas banks. Nearly 4 million yuan (US$621,186) were involved in the alleged scam, the court was told.

The gang first registered a trade company in suburban Songjiang District, said the prosecutors. But, the court heard, the defendants simply used POS machines to forge sales and then arbitraged the money from the banks.

From August 23-31, the POS machine reported 743 sales totaling 1.37 million yuan, said prosecutors. Many used international credit cards issued by banks in the United States, Europe and Asia.

The gang was caught last January, with officers seizing nine POS machines and 656 credit cards.


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