10 jailed in 190m yuan money-raising fraud
By Li Qian |
April 6, 2012, Friday
|
Print Edition
Print Edition
TEN people in eastern China's Jiangsu Province who illegally raised 190 million yuan (US$30.13 million) from 2009 to 2010 received jail terms of 22 months to four years.
The court in the city of Lianyungang also fined the convicts from 50,000 yuan to 100,000 yuan, while the Yuwang Financing and Investment Co Ltd was fined 500,000 yuan, China National Radio reported yesterday.
The gang greatly disturbed the national financing system and severely violated the law, the court said.
The group was established in 2008 and opened 37 subsidiaries across the nation. It lured depositors with high annual interest rates of 24 percent, as well as granted shark loans to others, witnesses said, adding that the company offered the same service as banks, with the main difference being excessively high interest rates.
A total of 2,532 people were swindled and around 130 million yuan has been confiscated, the report said.
When police started to investigate the gang in March 2010, one of the ringleaders, Yu Shoujun, committed suicide with poison, according to Legal Daily.
The court in the city of Lianyungang also fined the convicts from 50,000 yuan to 100,000 yuan, while the Yuwang Financing and Investment Co Ltd was fined 500,000 yuan, China National Radio reported yesterday.
The gang greatly disturbed the national financing system and severely violated the law, the court said.
The group was established in 2008 and opened 37 subsidiaries across the nation. It lured depositors with high annual interest rates of 24 percent, as well as granted shark loans to others, witnesses said, adding that the company offered the same service as banks, with the main difference being excessively high interest rates.
A total of 2,532 people were swindled and around 130 million yuan has been confiscated, the report said.
When police started to investigate the gang in March 2010, one of the ringleaders, Yu Shoujun, committed suicide with poison, according to Legal Daily.
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