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Life term for fraudster

A swindler who made 38 million yuan (US$5.56 million) by fraudulent means was sentenced to life imprisonment yesterday.

His three accomplices, Xu Lingyun, Zhang Wei and Wu Chengjuan, were also jailed for four to six years for fraud at Shanghai No. 2 Intermediate People's Court.

Wu Haidong, 31, registered four trading companies in 2000 with false registered capital. His three accomplices were hired to work in the finance department. But by December 2005, all four companies were in deficit.

Wu instructed his accomplices to forge bank drafts using the financing stamp and stamp of the legal representative of his business partner, the Yudong company.

The gang forged 11 bank drafts with a face value of 46.5 million yuan between April 2006 to April 2007. They then pretended to be Yudong employees to deliver the drafts, in which Yudong was the payer and Wu's Baoyi company the receiver, to the bank.

Wu paid some of the money back but kept 24 million yuan which he used to buy a car, pay debts and make investments, the court heard.

In June 2006, Wu used a similar method to defraud 2 million yuan from the Wusong subbranch of the Agricultural Bank.

Later, Wu also obtained a loan of 12 million yuan from a businessman, Yin Chuanjun, which he failed to pay back.


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