Wealthy Developer Arrested in Fraud Case
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Police in Shanghai have arrested one of the city’s wealthiest businessmen on charges of fraud and stock manipulation, China’s official New China News Agency reported.
Zhou Zhengyi’s arrest came the same day a Bank of China special committee said in Hong Kong that former executive Liu Jinbao had exercised bad judgment in approving a $226.9-million loan to Zhou.
The news agency gave few details of the charges against Zhou, a leading developer also known as Chau Ching-ngai.
It said Zhou was accused of falsifying sums of registered investments and manipulating stock trading prices.
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