Caixin
Nov 06, 2018 08:33 PM
FINANCE

$6.1 Billion Loan Fraud Ends With 13 in Prison

Thirteen defendants who appeared Friday in the Intermediate People’s Court in Liuzhou, the Guangxi Zhuang autonmous region, received sentences ranging from 18 months to 10½ years in prison in a fraud case involving the attempted murder of a banker and $6.1 billion in swindled bank funds. Photo: Liuzhou Intermediate People’s Court
Thirteen defendants who appeared Friday in the Intermediate People’s Court in Liuzhou, the Guangxi Zhuang autonmous region, received sentences ranging from 18 months to 10½ years in prison in a fraud case involving the attempted murder of a banker and $6.1 billion in swindled bank funds. Photo: Liuzhou Intermediate People’s Court

The masterminds behind a fraud case involving the attempted murder of a banker and $6.1 billion in swindled bank funds have received prison sentences as long as 10½ years from a court in southern China.

Wu Dong, the controller of Guangxi Zhongmei Tianyuan Financing Guarantee Group, and 12 others bilked several unnamed banks out of 42 billion yuan ($6.07 billion) from 2010 to 2014, according to a statement (link in Chinese) by the Intermediate People’s Court of Liuzhou in the Guangxi Zhuang autonomous region.

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