Yesterday, Zou Qing, the chief culprit of Beijing Senhao Apartment loan fraud, was sentenced to life imprisonment for contract fraud and letter of credit fraud by the No. 2 Intermediate People's Court. Five other members of his company were also sentenced at the same time.
The court found that Zou Qing instructed employees to gather a large number of people to impersonate home buyers, using methods such as signing false commercial housing purchase contracts and building mortgage guarantee loan contracts, and also using letter of credit fraud to defraud banks of more than 1.62 billion yuan, with 1.52 billion yuan still not recovered.
Zou Qing instructed employees to fake home purchases but take out real loans.
The judgment showed that Zou Qing only had junior high school education, but he was the legal representative or actual controller of several companies.
Since 1994, Zou Qing has been the legal representative of Huayunda Economic and Trade Company and actually controlled other companies. In the name of developing projects such as Senhao Apartments, he adopted methods such as mutual guarantees among related companies and repaying previous loans with subsequent loans, defrauding more than 800 million yuan in loans from the Zhongguancun branch and the Zhuanglan Road branch of Bank of Beijing, with only 16,000 yuan recovered later.