Two Chinese men sentenced for €4m fraud from the Municipal Transport Company (EMT) in Valencia.
THE two Chinese citizens, Zuo Jialiang and Li Yuanxin, were punished for owning the bank accounts and companies that €4 million were transferred to.
The conned finances were transferred to Hong Kong and have resulted in the denouement of the individuals in Spain and further punishment in Hong Kong.
The judge was able to identify the two individuals, the companies, the bank accounts, 13 traders and a second round of monetary transfers which took place.
The judge ordered Zuo Jialiang, owner of JG Trade Co, Limited, to return €1.6 million while Li Yuanxin, owner of the company Shengyi Trading Limited, has been ordered to pay €2.4 million.
It is assumed that both individuals are not the sole people involved in the fraud and that they are most likely working under a larger criminal organisation.
Both individuals own the companies used to defraud EMT and also owned the bank accounts in receipt of the transfers.
It took 17 days for the bank’s internal systems to raise red flags about the transfer of such large sums of money to a country by a company that was not authorised to work in Asia.
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