BUSTED!:Nigeria Police Arrests A Chinese For N105m Fraud.

The Special Fraud Unit of the Nigeria Police
Force, Ikoyi, Lagos State has arrested a
Chinese fugitive, Fang Yang, for his
involvement in a N105m fraud.

The SFU said Yang had been declared
wanted in China about 17 years ago for
fraud perpetrated against the 2nd Sub
Branch of China Agricultural Bank of
Qingdao in 1996.

In a statement on Thursday by the SFU
Commissioner of Police, Mr. Tunde
Ogunsakin, the fraud was perpetrated when
Yang was a Deputy Manager with Si Fang
Qiao Lian Company in China.

It read in part, “The Chinese government
through its consulate in Nigeria contacted
the SFU on August 28, 2013, concerning a
fugitive, Fang Yang, who ran away from
China to Nigeria.

“Yang, a former legal representative of
Qingdao Sifang Qiaolian Trade Co.Bejin,
was wanted for an 8m Chinese Yen loan.

“The loan was syndicated through a fake
bank deposit receipt to get a mortgage
from the 2nd Sub Branch of China
Agricultural Bank of Qingdao.”

Yang, together with another suspect, Leng
Jiqing, were said to have used the loan to
pay their company’s debts while the
balance was allegedly spent on the
company’s daily expenses.

The bank was said to have made a loss of
6.45m Chinese Yen after the suspects paid
back only 1.55m Yen.

It was learnt that Jiqing had been arrested
by the Chinese authorities and was serving
a life imprisonment verdict in China.

In collaboration with the Chinese
authorities, Yang, who has been living in
Nigeria since 2001, was said to have been
arrested three weeks ago at Golden Silk
Ovic, Ogun State.

The statement added, “The 50-year-old,
upon interrogation, confessed to the crime.

“The cheques were used to obtain loans
from the bank which the company was later
unable to pay back. After paying 1.8m Yen,
Yang fled to Nigeria to start a new life when
the company was unable to pay the
balance.

“The balance of 4m Yen recovered from
Yang is hereby handed over to
representatives from the Chinese consulate
in Nigeria, in the sum of $ 644, 171, for
onward transmission to the Chinese
authorities.”

Ogunsakin also expressed hope in future
collaborations between the SFU and
Chinese police authorities especially in
apprehending Chinese citizens who were
wanted for swindling legitimate Nigerian
businessmen.

SOURCE:Punchng