Xinmin Evening News reported that Li Mou, the president of a bank in Binzhou City, Shandong Province, paid a huge amount of money to a fraud ring to get his daughter into a good university. The victim gradually fell for the scammer and was sentenced to 7 years.
Starting in March 2015, Zhao Mouhe from Chifeng City, Inner Mongolia Autonomous Region, came up with different reasons to get Li’s money, such as bribery, examination certificate, security deposits, and various activity funds to help prepare for college entrance in Beijing for his daughter, and each time cost Li millions of yuan.
According to Xinmin, the bank president did not doubt one bit. To have money, Li took advantage of his position multiple times to illegally issue and obtain bank loans.
From June 2013 to February 2018, Li and his accomplices successively falsified the production and operation flow, capital certificates, and loan information of 26 companies, as well as illegally using other people’s names to make top personal loans.
The fraudulent loans amounted to 350 million yuan (over 50 million dollars). Out of which are nearly 320 million unrecovered loans.
In July 2015, Li’s daughter was accepted to study at a Continuing Education College in Beijing but later discovered that she wasn’t an official student.
Upon Li’s questioning, Zhao came up with new reasons to continue to defraud more money from Li. He illegally forged 6 education funds receipts from the Ministry to gain Li’s trust and created another plot in which the Central Commission for Discipline Inspection (CCDI) suspected Li was involved in bribery.
Until October 2018, Li realized Zhao’s tricks but did not report him for fear of his illegal activities being exposed and ruining his career.
Li and Zhao were both arrested in July 2020. Zhao was sentenced to life imprisonment for fraud in March 2022.
As of April 29 this year, the Boxing County Procuratorate of Shandong sentenced Li to seven years for fraud and unauthorized loan issuance.