Home » 80 tons of “gold-plated copper” embezzled 20 billion The largest prison, Jia Zhihong, was sentenced to life imprisonment Fake gold |

80 tons of “gold-plated copper” embezzled 20 billion The largest prison, Jia Zhihong, was sentenced to life imprisonment Fake gold |

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80 tons of “gold-plated copper” embezzled 20 billion The largest prison, Jia Zhihong, was sentenced to life imprisonment Fake gold |

Fake Gold Scandal Rocks China: Main Culprit Sentenced to Life Imprisonment

On May 28, Jia Zhihong, the mastermind behind the notorious “pretend gold” case that despatched shockwaves throughout China, was handed a life sentence by the Wuhan People’s Court. The scandal, which concerned the usage of 80 tons of “gold-plated copper” to swindle a staggering 20 billion yuan, introduced down the Wuhan Jinhuang Jewelry Company and its fraudulent actions.

Jinhuang Jewelry, as soon as hailed as the most important gold manufacturing unit in Hubei, was uncovered for deceiving monetary establishments reminiscent of Minsheng Trust, Dongguan Trust, Anxin Trust, and Changan Trust through the use of pretend gold plated with gold on high and copper alloy inside. The scheme ultimately unraveled in June 2020, resulting in the corporate’s delisting and the arrest of its true controller, Jia Zhihong.

The court docket additionally sentenced 18 people, together with the executives of Jinhuang Jewelry, to life imprisonment and confiscated all private belongings. Jia Zhihong, who had been the manager director and common supervisor of Wuhan Jinhuang Industrial Group Co., Ltd., confronted excellent liabilities exceeding 15 billion yuan.

Notably, the pretend gold scandal implicated Minsheng Trust and its founder Lu Zhiqiang, as soon as Shandong’s wealthiest man. The belief suffered important losses, amounting to over 4 billion yuan, resulting in the downfall of Lu Zhiqiang’s Oceanwide enterprise empire. The fallout from the scandal has despatched shockwaves by way of China’s monetary sector, triggering a sequence of occasions that culminated within the collapse of the pan-oceanic system.

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As investigations into the case proceed, the general public awaits additional developments to unravel the intricate internet of deceit and corruption that has tarnished the popularity of those once-prominent figures in China’s enterprise world.

(Reporting by reporter Luo Tingting; Editor-in-chief: Wen Hui)

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