Last updated at: (Beijing Time) Wednesday, March 26, 2003
Swindler in China's Silicon Valley Sentenced to Life Imprisonment
A man convicted of swindling more than 19 million yuan (about 2.3 million US dollars) in Beijing was sentenced to life imprisonment and by the Beijing No.1 Intermediate People's Court last week.
A man convicted of swindling more than 19 million yuan (about 2.3 million US dollars) in Beijing was sentenced to life imprisonment and by the Beijing No.1 Intermediate People's Court last week.
Lin Dabing, 35, was the former legal representative of Yike Huiguang Company, according to the court.
Lin entered into agreements to distribute the goods of 33 high-tech companies in Beijing's Zhongguancun area, known as China's Silicon Valley for its large number of high-tech enterprises and research institutions.
He required the companies to provide their products, promising payment at a later date.
However, after illegally obtaining a large quantity of products,he, through his company, sold them at a very low price.
Lin's activity constituted a fraudulent contract scheme, said the court.