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Car owners lose their cars in bogus rental business
By Zhang Xuanchen |
August 27, 2010, Friday
|
Online Edition
Online Edition
POLICE in Shunde City, Guangdong Province, has detained a man who allegedly first swindled car owners into his car rental business and shortly afterward sold their 70 cars worth 14 million yuan (US$ 2.04 million) to others.
Zhang Dongkeng, 22, turned himself in to police in Shunde on July 28 after some buyers found the second-hand cars they bought from Zhang couldn't be registered at the local traffic departments.
The cars Zhang sold them actually belonged to those who had been fooled since March to join Zhang's Huizhong Car Rental Company, today's Nanfang Metropolis News reported.
Most of the car owners said they were lured by Zhang's promise of high returns. Zhang cheated them that he had joined a network with other car rental companies.
Having signed a three-year contract with Zhang, each car owner was told that they would receive 20,000 yuan in deposit and a monthly rental income of 8,000 yuan, higher than the average market price.
Zhang Dongkeng, 22, turned himself in to police in Shunde on July 28 after some buyers found the second-hand cars they bought from Zhang couldn't be registered at the local traffic departments.
The cars Zhang sold them actually belonged to those who had been fooled since March to join Zhang's Huizhong Car Rental Company, today's Nanfang Metropolis News reported.
Most of the car owners said they were lured by Zhang's promise of high returns. Zhang cheated them that he had joined a network with other car rental companies.
Having signed a three-year contract with Zhang, each car owner was told that they would receive 20,000 yuan in deposit and a monthly rental income of 8,000 yuan, higher than the average market price.
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