A court in south China's Hainan province today sentenced two men to over 10 years in jail each for cheating 20,000 investors of over USD 212 million.
Tan Baohui and Jia Guichen were convicted for fraud of 1.3 billion yuan (USD 212 million) for illegal fundraising in a number of provinces since 2009 and 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, state-run Xinhua news agency reported.
