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Ex-gas station manager in court over 1.2b fuel scam
By Dong Zhen |
March 13, 2013, Wednesday
|
Online Edition
Online Edition
A FORMER manager of a gas station in Shijiazhuang, Hebei Province, went on trial today accused of illegally raising 1.2 billion yuan (US$193,000,000) from more than 100 investors, China News Service reported.
Defendant Man Xinkai, ex-boss of a PetroChina filling station, convinced victims that he had an insider channel to cheap gasoline that could be sold on, said prosecutors.
Some alleged victims have gone bankrupt since Man was arrested in last May.
Dozens of Man alleged victims attended the court hearing in Shijiazhuang, hoping to recover their cash.
Victims said they were promised lucrative profits in Man's business.
Nan Jinjing, one of Man's alleged final victims, tearfully recounted lending Ma his entire savings of 16.5 million yuan, plus 18 million yuan he borrowed for the investment.
Nan's factory business was now in jeopardy due to the alleged scam, he said.
The court didn't reach a decision today.
Defendant Man Xinkai, ex-boss of a PetroChina filling station, convinced victims that he had an insider channel to cheap gasoline that could be sold on, said prosecutors.
Some alleged victims have gone bankrupt since Man was arrested in last May.
Dozens of Man alleged victims attended the court hearing in Shijiazhuang, hoping to recover their cash.
Victims said they were promised lucrative profits in Man's business.
Nan Jinjing, one of Man's alleged final victims, tearfully recounted lending Ma his entire savings of 16.5 million yuan, plus 18 million yuan he borrowed for the investment.
Nan's factory business was now in jeopardy due to the alleged scam, he said.
The court didn't reach a decision today.
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