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Shanghai native who defrauded wealthy of 300m yuan gets life in prison
Online Edition
A SHANGHAI native who had fled to Shenzhen just ahead of police was sentenced to life in prison for crimes she committed once she got there, including use of fake identities and fraud amounting to nearly 300 million yuan (US$49.56 million), a Shenzhen court said.
Victims of her elaborate frauds, perpetrated with the help of her German boyfriend, included prominent business executives, officials said. The paid made off with cash and diamonds.
Zheng Li, 40, had fled to Shenzhen after Shanghai police launched a search for her in 2005 over reports from her friends and relatives that she had swindled millions of yuan, New Express Daily reported today.
In Shenzhen, she forged four fake identities and mingled with wealthy people. Between 2007 and 2011, she stole 296.3 million yuan by promising high returns if they asked her to manage money, the Shenzhen Intermediate People’s Court said yesterday.
Her German boyfriend, Rother Robert, was convicted of contract fraud and sentenced to eight years in prison plus a fine up to 1.2 million yuan for participating in Zheng’s frauds, the court said. He will be deported, officials said.
Robert convinced others to invest by falsely claiming he came from a wealthy and reputable family and managed an overseas fund organization, officials said. He was found to have stolen 138.8 million yuan, the newspaper reported.
The victims included seven businessmen and senior officials of state-owned firms. In one case, CEO of a Taiwan-based insurance company had asked Zhang to manage US$16 million but his money was never returned.
In addition, the pair also defrauded a diamond retailer, stealing diamonds worth about US$925,800 on consignment, the court said.
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