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Money lender sentenced to 5 years鈥 jail
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A MAN has been sentenced to five years in prison for running an illegal money-lending company, the Jing’an District People’s Court said yesterday.
The man, surnamed Gong, was also fined 50,000 yuan (US$8,150) for collecting more than 26 million yuan of deposits from members of the public, the court said.
In 2004, Gong set up a consulting firm that specialized in borrowing and lending money. It profited on the spreads between deposit and loan rates.
However, between 2007 and 2009, Gong began running short of funds to balance the books. In desperation he tried to raise more funds to cover the interest payments to existing investors and his debt spiralled out of control.
In September of last year, he handed himself in to police.
Gong raised 26 million yuan with the lure of monthly interest rates of between 3 and 6 percent.
Though some money was recouped, 10 people lost a combined 16 million yuan, the court said.
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