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October 22, 2013

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Senior held for 80m yuan scam

A SENIOR has been arrested in connection with a scam selling the same apartments to numerous buyers, said to have netted him 80 million yuan (US$13.1 million).

The man, who is in his 60s, signed illegal contracts with more than 70 home buyers, Qingpu District People’s Procuratorate said yesterday.

Police said the real estate developer, surnamed Zhong, built three residential buildings in Qingpu in 2010.

But after encountering financial problems, to bring cash in he began selling apartments several times over and asking for illegal advance payments.

Zhong said he signed contracts with buyers for prices lower than the market price from May 2010 to October 2012.

Most buyers were recommended by relatives and friends.

Zhong fled with his family when buyers alerted police last October.

He was found by police in Jiangsu Province’s Suzhou City in May.



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