Elderly cheated in 'care' scam
By Feng Jianmin |
May 16, 2011, Monday
|
Print Edition
Print Edition
A MAN has been jailed for 12 years for operating a Ponzi scheme that defrauded more than 370 elderly people in the past three years in northeast Liaoning Province.
Guan Chunmao, legal representative of the Liaoning Hao'an International Yilaolin Co, was also fined 700,000 yuan for the case involving a total of 31 million yuan (US$4.7 million), the Shenyang Intermediate People's Court said yesterday.
Guan, with three accomplices, put up advertisements claiming that elderly people could enjoy the rest of their lives in a picturesque caring center for an investment of 8,800 yuan.
"After you invest, the company will also pay you a monthly interest of between 15 to 24 percent," the ads claimed.
More than 370 elders sought to invest, and were given a tour of the site for the caring center, which was said to be able to cater for 5,000 people once completed.
However, once the elderly paid their money, the gang disappeared. The caring house was never built.
Guan's accomplices were jailed from two to six years, Xinhua news agency said.
Guan Chunmao, legal representative of the Liaoning Hao'an International Yilaolin Co, was also fined 700,000 yuan for the case involving a total of 31 million yuan (US$4.7 million), the Shenyang Intermediate People's Court said yesterday.
Guan, with three accomplices, put up advertisements claiming that elderly people could enjoy the rest of their lives in a picturesque caring center for an investment of 8,800 yuan.
"After you invest, the company will also pay you a monthly interest of between 15 to 24 percent," the ads claimed.
More than 370 elders sought to invest, and were given a tour of the site for the caring center, which was said to be able to cater for 5,000 people once completed.
However, once the elderly paid their money, the gang disappeared. The caring house was never built.
Guan's accomplices were jailed from two to six years, Xinhua news agency said.
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