18 on dock for fraud
By Li Xinran |
August 25, 2010, Wednesday
|
Print Edition
Print Edition
A BUSINESSMAN and 17 co-defendants, including eight senior bank clerks, stood for trial on Monday in Beijing over a loan fraud worth more than 700 million yuan (US$103 million).
Hu Yi, 30, chairman of a Beijing-based underwriting company, pleaded guilty but said he acted under instruction from a bank clerk, co-defendant Zhang Jia. Hu said he'd had no idea about the loan processes of Beijing Rural Commercial Bank.
The Beijing No. 2 Intermediate People's Court, the court of first instance, heard the case. The hearing could last four days.
According to the indictment, Hu offered eight of the bank's senior clerks about 10 million yuan as bribes in exchange for their help in granting him bank loans illegally, resulting in huge losses to the bank.
Prosecutors accused Hu and his ex-wife Li Jingjing of forcing subordinates to fabricate second-hand housing deals for mortgage fraud on more than 250 occasions between December 2007 and December 2008, costing the lender 447 million yuan.
The couple also ordered one of the defendants, Zhang Wei, to buy business licenses of shell companies and present the licenses to the lender for loans underwritten by Hu's company, prosecutors said.
They did this on 45 occasions for a total of 261 million yuan, said the prosecutors.
Hu Yi, 30, chairman of a Beijing-based underwriting company, pleaded guilty but said he acted under instruction from a bank clerk, co-defendant Zhang Jia. Hu said he'd had no idea about the loan processes of Beijing Rural Commercial Bank.
The Beijing No. 2 Intermediate People's Court, the court of first instance, heard the case. The hearing could last four days.
According to the indictment, Hu offered eight of the bank's senior clerks about 10 million yuan as bribes in exchange for their help in granting him bank loans illegally, resulting in huge losses to the bank.
Prosecutors accused Hu and his ex-wife Li Jingjing of forcing subordinates to fabricate second-hand housing deals for mortgage fraud on more than 250 occasions between December 2007 and December 2008, costing the lender 447 million yuan.
The couple also ordered one of the defendants, Zhang Wei, to buy business licenses of shell companies and present the licenses to the lender for loans underwritten by Hu's company, prosecutors said.
They did this on 45 occasions for a total of 261 million yuan, said the prosecutors.
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