Fraudulent currency trading ends in jail

Updated 2017-07-11 09:27:40 Shanghai Daily

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.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 19 2017 05:58:23

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 12:16August 19 2017 05:58:23

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 19 2017 05:58:23

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

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