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September 9, 2011

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Swindle of woman's friends alleged

A woman who allegedly swindled more than 4.1 million yuan (US$641,829) from friends by promising high profits on investments has been charged with fraud, Minhang District prosecutors said yesterday.

Cao Mei, the suspect, tricked her friends into transferring money to her bank account, claiming that they could receive an investment return of 20 percent every year because she was a bank employee. From 2005 to 2007, Cao took a total of 2.1 million yuan from one of her friends surnamed Wang, prosecutors said.

In July 2005, Cao persuaded Wang to invest 300,000 yuan in usury loans, with a monthly interest of 30 percent. Wang became gradually more trusting of Cao after she received the principal capital and a high-profit interest of 60,000 yuan. After that, Wang gave 1 million yuan to Cao between March and August 2006, while getting an interest return from time to time but in small amounts. In 2007, Wang gave another 1 million yuan and didn't realize she was cheated until she lost contact with Cao, who changed her mobile number.


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