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Former Microsoft chief in fresh fraud probe
By Wang Xiang |
July 23, 2010, Friday
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Online Edition
Online Edition
THE former president of Microsoft China Tang Jun, who is enmeshed in an academic fraud scandal, has also been linked by police to a housing loan fraud in Shanghai's neighboring Jiangsu Province.
Finance police in Suzhou City found that Tang Jun and seven others bought six floors in an unfinished building named Bojing Mansion. They got 147.29 million yuan (US$21.73 million) in loans from a bank to pay for the house but part of the money turned up in a loan sharking business, 21st Century Business Herald reported today.
Tang himself got 112.85 million yuan in loans, the report said. Suzhou police said they were tipped off by an anonymous whistle blower. Tang and his assistant could not be reached for comment today.
Bojing Mansion stands in Suzhou's Shengze Township. Its main structure was completed last February. But its inside was never finished and the information on the building's sale was never made public.
Suzhou police said the seemingly bad investment was in fact a scheme. One of the buyer surnamed Wang, a major suspect, lent out 107 million yuan of the borrowed money and charged high interest, according to the report.
Finance police in Suzhou City found that Tang Jun and seven others bought six floors in an unfinished building named Bojing Mansion. They got 147.29 million yuan (US$21.73 million) in loans from a bank to pay for the house but part of the money turned up in a loan sharking business, 21st Century Business Herald reported today.
Tang himself got 112.85 million yuan in loans, the report said. Suzhou police said they were tipped off by an anonymous whistle blower. Tang and his assistant could not be reached for comment today.
Bojing Mansion stands in Suzhou's Shengze Township. Its main structure was completed last February. But its inside was never finished and the information on the building's sale was never made public.
Suzhou police said the seemingly bad investment was in fact a scheme. One of the buyer surnamed Wang, a major suspect, lent out 107 million yuan of the borrowed money and charged high interest, according to the report.
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