Swindler jailed for life in China

Last Updated: Sun, Jun 16, 2013 02:20 hrs

Beijing, June 16 (IANS) A court in China has sentenced a man to life imprisonment for forging financial documents to get over 10 billion yuan (around $1.6 billion) from banks and companies.

Liu Jiyuan, 45, former president of an investment management company in Shanghai, was accused of swindling 10.13 billion yuan from several banks and enterprises between November 2008 to November 2010, Xinhua reported.

The court in Jinan in Shandong province said Liu forged seals of banks and companies, loan materials, certificates of deposit and telegraphic transfer as well as cheques.

Liu was also accused of pretending to be a bank staffer to illegally gather deposit from enterprises.

Over eight billion yuan has been retrieved after Liu's case was exposed.

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