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Zhang Xiaolei, founder of Chinese fintech firm Qbao, to serve 15-year jail firm for fraudulent fundraising

Zhang Xiaolei, a prominent figure in China’s fintech sector, was sentenced to 15 years in prison for his involvement in a Ponzi scheme that involved at least 50 billion yuan (US$7.25 billion) of investors’ money.The Nanjing Intermediate People’s Court in Jiangsu province handed down the punishment to Zhang, 50, after charging him with financial fraud and embezzling depositors’ money through illegal fundraising, and confiscated 100 million yuan of his assets, Xinhua reported on Friday.Zhang, who… Source link

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Singapore 

Manpower Minister Josephine Teo warns public of fraudulent website using her name, Singapore News

SINGAPORE – Beware of a fraudulent website using Manpower Minister Josephine Teo’s name to solicit users to provide personal or financial information. Mrs Teo warned members of the public of the website in a Facebook post on Wednesday evening (May 15). She said that the website attributed comments to her in order to get users to sign up for an online platform, provide their credit card or bank details and to make a deposit. Calling the website “highly deceptive and misleading”, she added that it mixed some facts about the…

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Singapore 

10 nabbed after Grab detects GrabHitch accounts with fraudulent transactions amounting to $41,800 in losses, Singapore News

SINGAPORE – Three men, believed to be the masterminds behind a GrabHitch payment fraud syndicate, have been arrested by police and are to be charged in court. Six other men and one woman were also arrested for alleged syndicated payment fraud, said the police in a statement on Tuesday (May 14). On April 17, Grab reported that it had discovered irregularities in some of their social carpooling drivers’ GrabHitch accounts, said the police. GrabHitch is Grab’s carpooling service. Between February and April, Grab detected at least 13 driver accounts with…

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Singapore 

Lazada customer alerts site of allegedly fraudulent activity after receiving a key ring instead of keyboards , Singapore, Digital News

A disgruntled Lazada user has gone onto Facebook to decry the online shopping site’s reliability after he allegedly (1) failed to receive the items he ordered and (2) failed to get a refund for a product that was wrongly sent. “It is no longer safe,” declared Howard Toh about shopping on Lazada in a Facebook post that has since gone viral after he recounted his experience last Saturday. According to Toh, he purchased three sets foldable wireless keyboards off Lazada — items that didn’t arrive at all. What he got…

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China crackdown on fraudulent P2P platforms results in 62 overseas arrests, US$1.5 billion of assets frozen

Chinese police have investigated more than 380 peer-to-peer (P2P) platforms on suspicion of illegal fundraising and frozen assets worth 10 billion yuan (US$1.5 billion), following the dramatic implosion of the once-booming shadow banking sector.China’s Ministry of Public Security said it had arrested 62 suspects who were operators of fraudulent P2P platforms from 16 foreign countries including Thailand and Cambodia, the state-run news agency Xinhua reported on Sunday.This was a rare public… Source link

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Hengan International continues to fall as it refutes fraudulent reporting allegations

Shares of China’s leading sanitary towel and nappy producer Hengan International Group fell as they resumed trading on Thursday, even as it denied allegations from a short seller of fabricating income. The stock dropped 4.4 per cent to HK$54.55 as of 1.38pm. It fell 5.7 per cent before trading was halted on Wednesday after Bonitas Research alleged in a report the company had fabricated a total of 11 billion yuan (US$1.6 billion) of net income since 2005. The company “denies all of the allegations against” it in the Bonitas report,…

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China’s regulator gets tough on fraudulent and unprofitable firms, sending stocks tumbling

China’s new tougher rules on delisting have sent mainland-traded companies with records of regulatory breaches or two straight years of losses falling on Monday. A gauge tracking 86 such companies on the Shanghai and Shenzhen bourses dropped 1 per cent on morning trading, while the benchmark Shanghai Composite Index was little changed. Among these companies, Ningbo Sunlight Electric Appliance, Tianma Bearing Group and Shandong Longlive Bio-technology all slid by the 5 per cent daily limit, the maximum movement allowed for the group known as special treatment (ST) stocks. Two-Shenzhen firms…

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Vietnam 

First-ever trial on stock manipulation, fraudulent transfer opens – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — The Hà Nội People Court on Wednesday opened the first-ever trial in the case of 15 people who were charged with stock trading document falsification, stock price manipulation and fraudulent asset transfers. The accused include 35-year-old Trần Hữu Tiệp – former management board chairman of the Central Mining and Mineral Import Export JSC (MTM), 53-year-old Nguyễn Văn Dĩnh – former director of the mining firm Nari Hamico, and former officials of the Bank for Investment and Development of Việt Nam (BIDV) and…

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