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November 26, 2013

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6 charged for taking loans with fake papers

Six suspects who defrauded banks and loan companies  of 129 million yuan (US$21.156 million) in four separate cases were charged with fraud, the Minhang District People’s Procuratorate said.

The prosecutors said the six suspects took the loan by forging contracts, financial statements and audit reports to win the trust of banks and companies.

In one case, a suspect, surnamed Zheng, forged a  company’s financial statements and audit reports from accounting firms with the help of a company executive, surnamed Ruan, to swindle a line of credit — the amount of credit that their companies are allowed — from banks.

They then used a forged contract to make the bank believe that they had a partnership with another company and needed 5 million yuan for steel trading.



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