Our reporter Zhang Yuan - Wang Qiguo falsely claimed to be developing land, deceiving the trust of investors. Both parties signed a contract, and after the other side prepaid 14 million yuan, he used this money (partially) to buy properties in Shenzhen and Ningbo. Recently, the First Intermediate People's Court sentenced Wang Qiguo to life imprisonment for contract fraud.
Jointly purchasing land and signing contracts, Wang Qiguo, 48 years old, was the legal representative of Beijing Zhongcai Shutong Technology Growth Co., Ltd. (hereinafter referred to as Zhongcai Shutong Company) before the case broke out. According to the business registration materials, this company was established in 2004 with a registered capital of 5 million yuan. However, due to failing to participate in the annual inspection as required, the business license was revoked by the Haidian Industrial and Commercial Bureau in 2011 after the case broke out.
In December 2007 to January 2008, according to Wang Qiguo, he heard from his friend Mr. Lü that there were two plots of land in Jiulongkou that might be transferred. Later, Mr. Fu, the CEO of Shenyang Rongtian Industry Co., Ltd. (hereinafter referred to as Rongtian Company), expressed great interest after hearing about it. The three of them sat down together to talk. Rongtian Company and Zhongcai Shutong Company signed the "Joint Development Project Contract".
Faking payment with IOUs, according to the contract agreement, Wang Qiguo et al. should first pay 55.8 million yuan for the plot transfer fee, but he did not pay this amount. According to the court investigation, after signing the agreement with the other party, he fabricated that his company had paid 55.8 million Hong Kong dollars as the transfer fee to the transferee, including 18 million yuan on behalf of Rongtian Company.
Wang Qiguo denied this, claiming that he didn't pay this money because he was afraid of risks, but in order to fulfill the contract, he gave an IOU to his friend Mr. Lü, who issued him a receipt stating that he had received Wang Qiguo's 55.8 million yuan for the land acquisition, which was the agreed-upon transfer fee in the contract.
Wang Qiguo said that subsequently, he showed this receipt to Mr. Fu, claiming that he had already paid 55.8 million yuan in advance, including 18 million yuan on behalf of Mr. Fu.
Buying houses and cars, since Mr. Fu believed that Wang Qiguo had already prepaid the money, on January 25, 2008, the CEO of Rongtian Company, Mr. Fu, transferred 14 million yuan to Wang Qiguo's company. Later, when Mr. Fu wanted to withdraw the investment, Wang Qiguo dodged with various excuses and did not return the funds.
Wang Qiguo said that all this money was used by him to buy houses and cars, including properties in Ningbo and Shenzhen, as well as an Audi car. Later, when Mr. Fu kept urging for repayment, Wang Qiguo presented a postdated check for 14 million yuan, but in fact, there was no money in the check account.
After the case broke out, judicial authorities seized Wang Qiguo's aforementioned houses and cars. The court ruled that during the process of signing and implementing the contract, Wang Qiguo deceived the other party's property through means such as fabricating facts, concealing the truth, and setting traps. Based on his criminal circumstances and amount, he was sentenced to life imprisonment.