China Shanghai Court Sentenced 2 Senior Executives to Life Imprisonment for $1 Billion Fundraising Fraud, Promote Fake Guarantee by China State-Owned
16th December 2022 | Hong Kong
A China Shanghai court has sentenced 2 senior executives (Meng Chen & Cen Peng) to life imprisonment for fundraising fraud, raising more than $1 billion by promotingfake guarantee by China state-owned enterprise (China Railway Supply Chain Group). China Railway Supply Chain Group is also fined $14.3 million (CNY 100 million) by the Shanghai court, and ordering all assets of the 2 senior executives (Meng Chen & Cen Peng) to be confiscated. In 2020, China police in Beijing & Shanghai arrested more than 10 people alleged to be involved in fraud from several companies including China Railway Supply Chain Group and Zhongtie Zhongji Construction Group.
“ China Shanghai Court Sentenced 2 Senior Executives to Life Imprisonment for $1 Billion Fundraising Fraud, Promote Fake Guarantee by China State-Owned Enterprise “
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