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October 21, 2010

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Man jailed for 58m yuan POS scam

A BUSINESSMAN has been sentenced to eight years in prison for using his companies' point of sale machines to draw 58 million yuan (US$8.68 million) in cash for credit card holders and earn commission, judges said yesterday.

Two women who helped the man, surnamed Zhou, were sentenced to three years in prison with probation of three years by the Zhabei District People's Court.

Zhou registered Canhai Company in February 2008 and applied for a point of sale machine from the bank. At first, he did business normally, but then registered two other companies, received two more machines, and borrowed a fourth from a friend.

In May 2009 Zhou rented an apartment on Haining Road and hired his ex-wife, surnamed Tang, and a woman surnamed Pan to help.

Zhou worked to find clients, while the women were in charge of drawing cash.

Credit card holders who needed cash asked Zhou to make bogus transactions. Zhou then returned the payment in cash to the holders, charging them commission. He would also charge the bank commission. Zhou was arrested on April 17.


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