‘Star’ Chinese banker jailed for life for stealing US$400 million from clients in Ponzi scheme
15 Dec 2020

A “star” bank manager from Beijing has been jailed for life for stealing the equivalent of US$400 million from clients and using the money to finance her lavish lifestyle.

Zhang Ying, the former head of the Hangtianqiao branch of China Minsheng Bank in Beijing, was found guilty of using fake wealth management contracts to cheat customers out of 2.7 billion yuan (US$412 million) in a Ponzi scheme between 2013 and 2017, according to a court ruling published last week.

Zhang was convicted at the Beijing 1st Intermediary People’s Court last December and the ruling was upheld by the Beijing Higher People’s Court last month.

The court rulings put an end to one of the most high-profile bank frauds in China, which was exposed in April 2017 when Zhang was detained by police over what the bank described as “personal moral deficiencies”.

According to the newly released court papers, Zhang offered high interest rates to the bank’s clients and tricked them into signing false wealth management agreements that allowed her to transfer money to friends and relatives.

By Karen Yeung, South China Morning Post, 14 December 2020

Read more at South China Morning Post

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