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Man jailed for 1.16m yuan credit card fraud

A MAN has been jailed for nine years and fined 300,000 yuan (US$43,946) for credit card fraud by running up debts of 1.16 million yuan.

The man, surnamed Tang, 40, opened 24 credit card accounts in the names of family and friends at eight local banks from April 2002 to October 2007, today's Youth Daily reported.

He used the money to set up a computer trading business, prosecutors said. But his trade declined in late 2007 and he couldn't keep up the credit card repayments. By 2008, the debt had ballooned to 1.16 million yuan.

In October that year, he surrendered himself to police and paid back 60,000 yuan with his family's help.

In China, anyone with an overdraft of more than 5,000 yuan who doesn't repay the money within three months of receiving a bank notice is deemed to be holding a malicious overdraft.


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