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October 19, 2012

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Fraud case ends with 4 in prison

Four people were sentenced from three to 14 years in prison for cheating eight victims out of more than 8.2 million yuan (US$1.31 million), Changning District People's Court said yesterday.

Prosecutors said the four convicts had told victims they had been hired to demolish a building owned by Baosteel Group. They then agreed to subcontract the work to the victims and collected a deposit up front.

Yang Shiqian, who invented the scam, defrauded more than 5 million yuan from four victims from August 2009 to December 2010. He and his accomplices cheated the other four victims out of 3.2 million yuan in October and November 2010.

Yang's accomplices were caught in December 2010 and sentenced from three to six years in jail. They returned the 3.2 million yuan. Yang was caught in July, but police failed to retrieve the remaining 5 million yuan. He was also fined 500,000 yuan.


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