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Two jailed for 212-mln USD fraud in south China

Xinhua, May 28, 2015 Adjust font size:

A court in south China's Hainan Province on Thursday sentenced two men in jail for cheating 20,000 investors out of 1.3 billion yuan (212 million U.S. dollars).

Tan Baohui and Jia Guichen were convicted of illegal fundraising in a number of provinces since 2009, using high returns in real estate investment as bait, according to the Haikou Intermediate People's Court.

Tan and Jia were sentenced to 11 and 10 years in prison and fined 500,000 yuan and 400,000 yuan respectively. Endi