19 jailed in US$783m investment fraud
Print Edition
A COURT in north China’s Hebei Province sent 19 people to prison yesterday in a fraud case involving at least 5.39 billion yuan (US$783 million).
Xiao Xue, head of the Langfang-based Huangjinjia Investment Group, was jailed for 10 years for illegally taking deposits from the public, Guangyang District People’s Court said in a statement.
Fourteen others guilty of the same crime received terms ranging from two years and five months to six years, it said.
A further four, who had tried to harbor the defendants or hide their illegal gains, were jailed from periods of two years and three months to three years, it added.
The company was fined 500,000 yuan.
Founded in 2007, Huangjinjia is said to have 3,000 outlets across the country engaged in the sale and purchase of gold bars. Victims were promised high returns in an investment scheme, but took to the streets in September 2014 when the scheme collapsed.
By January last year, when Xiao and her accomplices were prosecuted, more than 36,000 people had called police claiming they had been cheated.
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