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Chinese fake banker jailed for life

A Chinese businessman, infamous for his claims to have purchased an imaginary American bank, was sentenced to life on Tuesday for making false value-added tax invoices worth 520 million yuan (USD 84.8 million).



Beijing: A Chinese businessman, infamous for his claims to have purchased an imaginary American bank, was sentenced to life on Tuesday for making false value-added tax invoices worth 520 million yuan (USD 84.8 million).

Li Chunping, 43, from Wenzhou City in east China`s Zhejiang Province, was accused of making 1,266 false value-added tax invoices worth 520 million yuan and selling them to 315 companies across the country between September 2011 and May 2012 for profit, a Wenzhou Intermediate People`s Court ruling said.

Li was also accused of making false tax rebate invoices.

All of Li`s personal wealth has been confiscated, according to the ruling.

Another six accomplices were given jail terms of less than ten years, and two of them received reprieves, according to the ruling.

Lin was hailed by the local government and the media as a "financial hero" for Wenzhou after claiming to have purchased the "Atlantic Bank of America" in 2011, which was later found to be nonexistent.

In another case, a court in Zhejiang Province yesterday sentenced a business woman to death with two years reprieve for cheating investors out of more than 570 million yuan (USD 90.5 million).

Qian Yuezhen, 61, was convicted of illegally acquiring public deposits and illegal fund-raising, the Wenzhou Intermediate People`s Court said.

All of her personal wealth has been confiscated.

Qian suffered 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.

Qian fled to Finland on September 24, 2011 and came back to China of her own accord on November 20 the same year.

Since Qian chose to come back to China and confess to her crimes was the reason for the reprieve, the court said.

In yet another case of cheating, a Chinese woman banker who fled to Thailand 14 years ago after allegedly siphoning off USD 460 million was repatriated back home.

Yu Guorong, who was head of a Bank branch in southwest China`s Chongqing Municipality siphoned money from public deposits and illegally released loans between March 1989 and October 1998, Chinese Ministry of Public Security said in a statement yesterday.

Crimes allegedly committed by Yu involved 2.8 billion yuan (USD 460 million) and led to direct economic losses worth 1.13 billion yuan, it said.

From Zee News

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