Two men jailed for life in China's biggest car loan fraud
(Xinhua)
Updated: 2006-09-18 19:27
BEIJING -- Two Beijing men have been sentenced to jail for life for swindling
120 million yuan from a major bank in China's biggest-ever car loan fraud.
Nearly 100 million yuan of the swindled money had yet to be recovered, the
Beijing No.1 Intermediate People's Court heard when sentence was passed on car
dealer Chen Zhang, 31, and his chief accomplice Shi Yi, the Beijing Times
reported.
Chen, Shi and accomplice Guo Xiaohong fabricated down-payment receipts and
purchase contracts on cars in order to secure the outstanding purchase price in
bank loans.
Chen, who worked at a Beijing-based auto dealership, signed 237 fake car loan
contracts with China Construction Bank's branch in Xuanwu District, Beijing.
Li Wenxue, head of the car loans section at the bank, and bank clerk Zhang Yu
helped handle the fraudulent car loans.
Chen and Shi were both jailed for life for fraud, while Guo was given 15
years for fraud, Li 20 years for illegally providing loans and Zhang five years
for illegally granting loans.
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