Woman gets death for ‘illegal’ fund-raising in China

Beijing, May 16 (IANS) A 39-year-old businesswoman has been sentenced to death by a court in China for “illegal fund-raising”.

The court in Wenzhou in east Zhejiang province convicted Lin Haiyan, former general manager of investment consultancy Wenzhou Xinfu, of illegally raising 640 million yuan (about $103 million) from others, Xinhua reported.

Lin began to invest in the futures market with the money she raised from others in 2007.

She accrued huge losses and was unable to return 428 million yuan to the lenders.

The court also ordered her to return the money to the victims.

In a previous illegal fund-raising case in Zhejiang, businesswoman Wu Ying was convicted of cheating investors of 380 million yuan from May 2005 to January 2007 in private lending scams.

She was initially sentenced to death in 2009. After her case sparked a heated debate over the country’s fund-raising system, her sentence was reduced to death with a two-year reprieve following a retrial in May 2012.

The opinions, beliefs and viewpoints expressed by authors, news service providers on this page do not necessarily reflect the opinions, beliefs and viewpoints of Hill Post. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. Hill Post makes no representations as to the accuracy or completeness of any information on this site page.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.