Five people who together profited more than million in a foreign-exchange fraud case involving 2 million have been sent to jail.
Their terms range from two to six years and each defendant was fined about million, according to Pudong New Area People's Court.
The five forged contracts for cross-border trade to obtain access to large amounts of foreign currency.
They transferred the US dollars, which were bought from bank on the mainland, to offshore firms in Hong Kong. There, they converted the dollars into yuan. They profited from the difference between the standard yuan rate and the offshore rate.
One of the five, surnamed Zheng, a successful businessman, had put up 60 million yuan (.8 million) to launch the scheme. Another surnamed Li owned several companies in Shanghai and Hong Kong that were used to run the scheme, court said.
During December 2015 and January 2016, they managed to obtain 2 million from Huaxia Bank's Shanghai branch. They made more than million from their operation, with the distributed profits ranging from ,000 to 1,000, the court said.
Three were caught on May 19, 2016, a fourth handed himself over to police, and the fifth was picked up in June 2016.