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3 brothers sentenced to death for illegal fund raising
By Li Qian |
November 8, 2011, Tuesday
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Online Edition
Online Edition
A property developer in Lishui City, eastern Zhejiang Province was sentenced to death yesterday for illegal fund raising involving 5.57 billion yuan (US$877 million) and for frauds worth 1.47 billion yuan.
Ji Wenhua founded Yintai Real Estate Group with three brothers in 2002. His brothers Ji Linqing and Ji Shengjun also received a death sentence with a two-year reprieve, while Ji Yongjun was jailed for life, the Procuratorial Daily reported today.
Ji Wenhua was also fined 2 million yuan, the report said.
Two company employees involved in the case were sentenced to three years in prison.
The court said the Ji brothers raised funds from more than 15,000 families between 2003 and 2008, promising them a loan interest of up to 25 percent a month, but their insolvent company could no longer pay back the borrowed money.
Ji Wenhua founded Yintai Real Estate Group with three brothers in 2002. His brothers Ji Linqing and Ji Shengjun also received a death sentence with a two-year reprieve, while Ji Yongjun was jailed for life, the Procuratorial Daily reported today.
Ji Wenhua was also fined 2 million yuan, the report said.
Two company employees involved in the case were sentenced to three years in prison.
The court said the Ji brothers raised funds from more than 15,000 families between 2003 and 2008, promising them a loan interest of up to 25 percent a month, but their insolvent company could no longer pay back the borrowed money.
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