5 face court over forex fraud scheme

Updated 2017-01-18 10:02:56 Shanghai Daily

Five people accused of making almost million in a foreign exchange fraud case involving about 2 million appeared in court in the Pudong New Area yesterday.

Prosecutors said the five had forged contracts for cross-border trade to obtain access to large amounts of foreign currency.

The five bought US dollars from banks on the mainland, transferred the money to offshore firms in Hong Kong, then converted it into yuan and transferred the proceeds back to the mainland.

With the difference between the standard yuan rate and the offshore rate, they made US million.

Four were arrested in April and the fifth in June.

The case is continuing. Since January last year, prosecutors have received 63 cases of fraudulent cross border foreign exchange dealings.

"It doesn't only help criminals make a fortune, it creates shelters for those involved in smuggling and money laundering," said Liu Xianquan, professor with the East China University of Political Science and Law.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58May 25 2018 09:30:14

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16May 25 2018 09:30:14

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18May 25 2018 09:30:14

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords