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November 22, 2010

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Woman jailed over billion-dollar bank forgeries

A WOMAN who used false deposit receipts, amounting to US$1.78 billion, to gain the trust of people in need of capital has been sentenced to 11 years in prison for forging financial documents.

Wang Fengling, a Henan Province native, told the Shanghai No. 2 Intermediate People's Court that she spent nearly 10,000 yuan (US$1,504) on four fake time deposit receipts from the Bank of China from Shenzhen, Guangdong Province in October 2009. The total sum of the forged documents was US$1.78 billion.

She said she did this in a bid to prove her "economic power" and hoped to do business with others without actually investing any money. However, the forgeries were detected when her "business" associates took the documents to a bank.

Wang, 45, became acquainted with a businesswoman surnamed Fan at the end of last year. Fan, who owned a company selling medical supplies to elderly people, was seeking °?investment for a construction project.

Wang claimed she was daughter of a magnate and had inherited a large sum of money not long ago, including bank deposits of millions of dollars.

However, she said the certificates couldn't be cashed because they exceeded foreign exchange quotas.

Wang showed the certificates, °?issued by a Shanghai branch of the Bank of China, to Fan to gain her trust and promised to invest in the? apartment project, Wang wanted 51 percent in shares in Fan's company, in return.

The two sides signed an agreement on April 9 and Wang offered Fan a certificate of US$500 million and a letter of authorization.

Fan went to the Shanghai branch of the bank with the certificates on April 13. The bank discovered that the deposit certificate was forged and reported it to the police.

Wang was caught that evening in a local hotel. Police also found the other three forged certificates in the hotel room.

Wang confessed after she was caught that she had also tried to cheat an actor surnamed Shang when?she promised to invest in Shang's film project and gained his trust by °?showing him the false certificates.


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