Death penalty for fraud
Print Edition
A COURT in Zhejiang Province yesterday sentenced a woman to death with two years’ reprieve for cheating investors out of more than 570 million yuan (US$90.5m).
Qian Yuezhen, 61, was convicted of illegally acquiring public deposits and illegal fundraising, Wenzhou Intermediate People’s Court said.
All of her personal wealth has been confiscated.
Qian suffered a shortage of funds when making investments between 2007 and 2008 and began illegally acquiring deposits. She took over 270 million yuan from more than 100 people from 2007 to the end of 2010, together with her accomplices.
She began illegal fundraising in 2011 when she knew for certain that she could not pay the money back. From January to September, she raised 300 million yuan, and only paid 30 million yuan in interest.
Qian fled to Finland in September 2011 and came back to China of her own accord in November the same year.
That Qian chose to come back to China and confess to her crimes was the reason for the reprieve, the court said.
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