5 face court over forex fraud scheme
Print Edition
FIVE people accused of making almost US$2 million in a foreign exchange fraud case involving about US$212 million appeared in court in the Pudong New Area yesterday.
Prosecutors said the five had forged contracts for cross-border trade to obtain access to large amounts of foreign currency.
The five bought US dollars from banks on the mainland, transferred the money to offshore firms in Hong Kong, then converted it into yuan and transferred the proceeds back to the mainland.
With the difference between the standard yuan rate and the offshore rate, they made US$2 million.
Four were arrested in April and the fifth in June.
The case is continuing. Since January last year, prosecutors have received 63 cases of fraudulent cross border foreign exchange dealings.
“It doesn’t only help criminals make a fortune, it creates shelters for those involved in smuggling and money laundering,” said Liu Xianquan, professor with the East China University of Political Science and Law.
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