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May 23, 2012

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Suspect denies bilking car-sales companies out of 9 million yuan

A man who pretended to be a Singaporean businessman and was charged with defrauding two local car sales companies out of 9.15 million yuan (US$144,275) faced trial yesterday in the Shanghai No. 1 Intermediate People's Court.

Prosecutors said Wu Changsheng, 44, claimed he was a shareholder of Shanghai Xinzong car sales company, which sells luxury second-hand cars. He obtained three Land Rover sports cars worth 6.6 million yuan from an investor of the Shanghai branch of Taiwan-based Chuan Kuo Motor International Co surnamed Qiu last October 14. Wu then pretended to be a shareholder of the Taiwan company and sold the three Land Rovers on consignment to Xinzong, the court heard.

Wu got 1.78 million yuan payment after a client bought one of the three Land Rovers. He used the money to offset his payment for a red Ferrari he had bought at Xinzong. Wu traded the red Ferrari and a Land Rover for a yellow Ferrari and 200,000 yuan with a man, surnamed Shen, the court heard.

In court, Wu admitted only to using a Land Rover to trade for a yellow Ferrari but denied all other accusations.


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