Fugitive in fraud case turns himself in
Print Edition
A suspect in an embezzlement case involving 116 million yuan (US$18 million) who fled to the United States, has turned himself in, Shanghai police said yesterday.
The suspect, surnamed Chen, who worked as a salesman for a local freight company, allegedly profited about 20 million yuan within two years by defrauding both his employer and a client.
Chen allegedly signed freight contracts with his employer in the name of his private business at a low price, and at the same time signed other contracts in the name of his own business with a client at a high price. The client was defrauded, police said, adding Chen profited from the difference of the two contracted prices.
Police in Qingpu District got a report from the freight company Chen was working for in August and started investigation, but Chen had fled to the US in the meantime.
While hunting for Chen and trying to make his family persuade him to return to China, police froze 540,000 yuan in six bank accounts involved in the case and sealed up a real estate property Chen allegedly bought with the embezzled money in 2016.
Police said Chen returned 2.8 million yuan of illicit gains after he returned to China.
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