$6.1 Billion Loan Fraud Ends With 13 in Prison
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.
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas