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February 29, 2012

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Shanghai man gets 19 years for defrauding Japanese firms

A Shanghai resident who was convicted of multiple frauds involving two Japanese companies was sentenced to 19 years in prison yesterday in Yangpu District People's Court.

The 43-year-old convict, surnamed Hu, must also return his illegal gains and pay a fine of 200,000 yuan (US$31,750).

Prosecutors said Hu was the boss of the Shanghai Tengjue Trade Co. In June 2009, Hu helped a Japanese businessman register a catering company in Shanghai and got a business license for the company at the Shanghai Industrial and Commerce Administration.

On July 1, 2009, the Japanese businessman transferred US$180,000 registration capital funds into a foreign exchange bank account that Hu opened for the catering company at a local bank. When the money was poured in, Hu exchanged nearly US$176,000 into 1.2 million yuan and secretly transferred the money to Shanghai Gangfei Material Co.

Prosecutors said Hu forged a purchase contract to complete the transaction, under which he claimed the catering company paid Gangfei 1.2 million yuan to buy kitchen equipment. However, Hu failed to cash out the money from Gangfei and transferred the money back to the catering company's account by check, the court heard.

Hu then stamped the check with official seals of the Japanese company and transferred the money to another company, after which he finally made his way to get 1.2 million yuan and committed receipt fraud, prosecutors said.

Evidence showed Hu used 1 million yuan to pay gambling debts and kept the rest.

In a separate case, Hu allegedly defrauded another Japanese businessman out of more than 600,000 yuan and 10.98 million yen (US$136,307) in Shanghai.


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