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March 22, 2012

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Man charged over credit boost theft

A MAN has been charged with stealing 500,000 (US$79,000) yuan a friend arranged to be paid to his credit card in a bid to boost the credit limit, Huangpu District prosecutors said yesterday.

Prosecutors said the 26-year-old suspect, surnamed Wu, applied for a credit card last July but he was unhappy with the credit limit.

Wu told a friend, surnamed Li, that he would pay him 8,000 yuan to transfer 2 million yuan to his card for a short period. Wu is said to have claimed that large transactions would earn him a higher credit limit.

Prosecutors said Wu provided his password and delivered his card to Li, who was living in Hangzhou City, Zhejiang Province.

On August 25, before he paid any money in, Li persuaded a friend in Shanghai, surnamed Cheng, to transfer 500,000 yuan into Wu's credit card account and promised to pay her 500 yuan commission.

However, after paying the money in, Cheng was unable to take her money out again because the password had been changed.

Wu is said to have told prosecutors he became greedy after receiving a message from the bank informing him of the transaction and falsely reported his credit card missing.

The next day, Wu registered a new credit card and withdrew the money, it is alleged.

He was detained in Beijing last October.


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