24 guilty of fraud that lasted for 10 years
Print Edition
A Chinese court has convicted 24 people over a financial fraud that cost 230,000 people a total of 10 billion yuan (US$1.5 billion).
Most of Guangdong Bangjia Leasing Co’s victims were elderly pensioners, Xinhua news agency said yesterday.
The ringleader of the plot, which operated for 10 years to 2012, was jailed for life, while the other 23 received sentences ranging from 14 years to three years suspended.
Illegal fundraising often involves a large number of investors who have few investment options because of low bank interest rates, an extremely speculative stock market and uncertainties in the property sector.
Last month, authorities arrested 21 people on suspicion of defrauding around 900,000 people of more than 50 billion yuan after an online peer-to-peer lender, Ezubao, turned out to be a giant Ponzi scheme.
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