Police nab 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. Read more

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.

By Comfort Oseghale

CULLED FROM PUNCH NEWSPAPER