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Wife faces jail term for credit card fraud

A woman who ran business by means of bank overdraft is now awaiting her sentence. Prosecutors of the city's Jing'an District said today that the woman, surnamed Su, owned a dozen credit cards issued by 12 banks in Shanghai and overdrew more than 430,000 yuan (US$61,428).

The woman from Wenzhou, Zhejiang Province, was in charge of financing for her husband's paper trading company, which was facing bankruptcy in 2007, prompting Su to abuse her credit cards.

From September to December of 2008, Su applied for credit cards from a number of banks such as China Minsheng Bank and Citic Industry Bank with property ownership certificates and income certificates provided by her husband's company.

Su admitted that she drew a large amount of cash to support the operation of the company and the couple's daily life. At first, she tried to pay off one bank's bill with cash drawn from another bank.

After the company closed down last year, she could no longer pay back the debts and had to evade all phone calls, letters, emails and visits by bank officials.

The banks reported Su's fraud cases to police last April and the woman was caught within a month. She was indicted on charges of credit card fraud.


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