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Huge jump in number of financial fraud cases
By Xu Chi |
May 9, 2013, Thursday
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Print Edition
Print Edition
THE number of financial frauds in the city rose substantially with procurators claiming that it was a major contributor in the total criminal activity as well.
Shanghai's procuratorates have made 849 arrests involving financial frauds while dealing with 2,490 cases that involved prosecuting last year.
The number of those cases last year rose 78.5 percent over 2011 and accounted for 7.5 percent of total criminal activities, compared to just 4.5 percent in 2011, according to a white book released by Shanghai People's Procuratorate yesterday.
Most of the financial frauds involved credit card scams which accounted for 79.1 percent of the total number of frauds.
The number of cases concerning illegal finical businesses had also risen. It accounted for 8.2 percent of the total financial frauds last year.
A total of 30 people working for financial institutions, such as banks, insurance and fund companies were arrested and punished in 23 cases. Those cases covered credit card scams, insurance frauds, insider transactions, corruptions and others.
It was the first time that a white book has been released by the procuratorate to monitor financial frauds in the city. The book will now be released annually, procurators said.
Procurators also reported on a number of cross-border financial crimes last year in which criminals committed credit card scams outside the country, making it difficult for the police and procurators to collect evidence.
In one case, a gang involved in credit card scam, was found stealing other people's credit card information by installing hacking devices in ATM machines in foreign countries to clone cards.
A criminal, surnamed Jing, and his two partners used the cards at shopping malls 20 times from May 22, 2010, to August 11, 2011 and made purchases worth over 200,000 yuan (US$32,567).
Shanghai's procuratorates have made 849 arrests involving financial frauds while dealing with 2,490 cases that involved prosecuting last year.
The number of those cases last year rose 78.5 percent over 2011 and accounted for 7.5 percent of total criminal activities, compared to just 4.5 percent in 2011, according to a white book released by Shanghai People's Procuratorate yesterday.
Most of the financial frauds involved credit card scams which accounted for 79.1 percent of the total number of frauds.
The number of cases concerning illegal finical businesses had also risen. It accounted for 8.2 percent of the total financial frauds last year.
A total of 30 people working for financial institutions, such as banks, insurance and fund companies were arrested and punished in 23 cases. Those cases covered credit card scams, insurance frauds, insider transactions, corruptions and others.
It was the first time that a white book has been released by the procuratorate to monitor financial frauds in the city. The book will now be released annually, procurators said.
Procurators also reported on a number of cross-border financial crimes last year in which criminals committed credit card scams outside the country, making it difficult for the police and procurators to collect evidence.
In one case, a gang involved in credit card scam, was found stealing other people's credit card information by installing hacking devices in ATM machines in foreign countries to clone cards.
A criminal, surnamed Jing, and his two partners used the cards at shopping malls 20 times from May 22, 2010, to August 11, 2011 and made purchases worth over 200,000 yuan (US$32,567).
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