Chinese court orders seizure of overseas assets in fake gold loan fraud case
A Chinese court on Friday ruled in a major fraud case involving more than 2.7 billion yuan ($391 million) in loans secured with fake gold, ordering the seizure of overseas assets from those involved.
The Weinan Intermediate People's Court in Shaanxi province ruled against Zhang Qingmin and Zhang Shumin, ordering the confiscation of 17 properties they purchased in Cyprus in Europe, along with funds and related interest from seven bank accounts, to be returned to the defrauded entities.
According to a statement released by the court, between 2011 and 2016, Zhang Qingmin, along with others, used self-made counterfeit gold mixed with tungsten to obtain gold-backed loans from four financial institutions in Shaanxi, Henan province and other areas, resulting in losses exceeding 2.7 billion yuan.
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