The final verdict in the once sensational “flying bill” case of the Beijing branch of Minsheng Bank in China was announced recently, in which Zhang Ying, former president of the Beijing branch of Minsheng Bank, and Xiao Ye, deputy president of the Beijing branch, were sentenced to life imprisonment and nine years in prison, respectively.
On December 10, the verdict of the second trial of Zhang Ying and Xiao Ye’s contract fraud was published on the website of the Chinese Communist Party’s Judicial Documents.
According to the verdict, Zhang Ying was alleged to have, during his tenure as president of the Aishengqiao Sub-branch of Minsheng Bank’s Beijing Branch, tricked victims into signing false financial product purchase or transfer agreements with high interest rates since 2013, and transferred money from the purchase or transfer of false financial products to his personal bank accounts controlled by Chen Moujian and Wang Mou, defrauding 147 victims of a total of more than 2.746 billion yuan (RMB, same below). .
Xiao Ye helped Zhang Ying sell financial products to the victims, violated the rules by not depositing the customers’ funds into the bank’s financial accounts, and forged the signatures of the assignors on the financial product transfer agreements and stamped the official seal of Minsheng Bank’s Aerospace Bridge Sub-branch savings business forged by He Mou, an employee of the Aerospace Bridge Sub-branch at the behest of Zhang Ying, causing the customers’ funds to be removed from the bank’s supervision. Xiao Ye was involved in the sale of more than 1.38 billion yuan of financial transfer products.
The verdict of the second trial, recently released by the authorities, also disclosed more details of Zhang Ying’s corruption. Mainland China’s Interface News reported that Zhang Ying used the fraudulently obtained money to buy properties, cars and luxury goods, and to pay additional deposit benefit fees to individuals and enterprises.
According to the verdict, more than 800 million yuan of the money went to “extracorporeal circulation” of high interest rates, mainly involving customers such as Hikvision, Xiang Piao Piao and other enterprises and individuals, with deposits totaling more than 10 billion yuan; more than 800 million yuan was spent on jade, thangka and other items, more than 200 million yuan was spent on the purchase of some properties, and more than 18 million yuan was spent for her and Wang Mou to handle immigration and purchase properties and land overseas.
Zhang Ying confessed that for the money transferred to its control by the fake financial products purchasers such as Chen Moujian and other people’s life bank card, it paid Zhao Jia a benefit of 700 or 800 million yuan.
Hikvision reportedly deposited a total of seven or eight billion yuan in the Aerospace Bridge branch, and received a total of more than 200 million yuan in discount interest, which was recorded as payment for goods in Hikvision’s accounts for ease of entry.
In addition, the flow of money also included payment of more than 30.17 million yuan for EMBA tuition at NPC Business School, watch stores, duty-free stores, department stores, car sales companies, etc.; net payment of more than 14.93 million yuan to Beijing Bigo Sports Development Co. and its legal representative Yang, net payment of 2 million yuan to Hua Jian Le Tao Sports Technology Development (Beijing) Co. and 2.65 million yuan to Joy City (Beijing) Sports Culture Development Co.
Zhang Ying also used 200 or 300 million yuan from personal bank cards under her control to purchase properties, which she held in the names of her mother, friends, and friends’ mothers. She also spent hundreds of millions of dollars on a large number of strings, jewelry, jade, watches, and other items, and purchased cars such as BMW X5, MINI, and Tesla.
According to the status of the properties on file, one quadrangle, 19 properties and 10 parking spaces were seized.
In addition, Zhang Ying also collaborated with others to privately engrave the official seal of the bank business, and Xiao Ye, the vice president of the branch, was also involved.
Zhang Ying confessed that in 2015, the aerospace bridge branch had a “whale diamond golf club” for customers with assets of more than 10 million yuan, and in order to retain these customers, Zhang Ying fabricated new false financial products.
On December 27, 2019, Zhang Ying and Xiao Ye were sentenced to life imprisonment and ten years in prison, respectively, for the contract fraud they committed. Subsequently, Zhang Ying and Xiao Ye both filed appeals. Recently, the final verdict was announced that Zhang Ying’s original sentence was upheld, while Xiao Ye was sentenced to nine years in prison for “committing the crime of not accounting for customer funds”.
In January 2015, Mao Xiaofeng, the president of Minsheng Bank, fell from grace. The land media disclosed the inside story of the interests between Minsheng Bank and Gu Liping, the wife of Ling Plan. The report said that Mao Xiaofeng was investigated in connection with the case of Ling Plan.
The mainland media has disclosed that there is a common phenomenon in the mainland financial industry, many officials’ spouses and children are arranged to work in banks and other financial institutions, enjoy high salaries, in Minsheng Bank, due to such a background of a number of employees, so there is a “wives club”, a number of high-ranking officials’ wives only receive salaries do not work. For example, Yu Lifang and Gu Liping, the wives of Su Rong, the former vice chairman of the Chinese People’s Political Consultative Conference (CPPCC), have fallen from the horse.
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