Man charged with 11m yuan porcelain mine scam
Print Edition
A FORMER vegetable grower posed as a prosperous porcelain factory owner to cheat more than 600 people out of 11 million yuan (US$1.77 million), prosecutors claimed yesterday.
Wang Huiming has been charged with fraudulent fund-raising, the Shanghai No. 2 Intermediate Prosecutors’ Office said.
According to prosecutors, Wang persuaded victims in Shanghai, Nanjing in neighboring Jiangsu Province and Fuzhou in Fujian Province to sign up.
Most of the victims are said to be middle-aged and elderly, with the oldest almost 90 years old.
Prosecutors said Wang, a farmer from Jiangxi Province, registered a shell investment firm in Shanghai in June 2013.
Wang passed himself off as a businessman who owned two porcelain factories, a tea production business and a porcelain clay mine, it is claimed.
He employed staff to hand out leaflets in People’s Square, promising high returns for investors in his mining projects, according to prosecutors.
Waiting in his office, Wang signed up investors, paying some their first month’s interest on the spot, it is claimed.
Impressed, many introduced relatives and friends to Wang, as well as investing more themselves, said prosecutors.
He then bought a porcelain company in Jiangxi Province, which was on the verge of bankruptcy, and a porcelain clay mine from a friend for 1.8 million yuan, according to prosecutors.
Wang brought the former mine owner to Shanghai to give presentations on the porcelain-making process to investors.
Last August an investor who’d put up 80,000 yuan became suspicious.
When detained by police, Wang insisted that what he was doing was financing.
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