Salesman cheats 4m yuan via car loans
( 2003-08-29 11:46)
A former car salesman was found to have swindled more than 4 million yuan
(US$480,000) worth of car loans from banks, in a case which exposes the
loopholes in the current car mortgage system, reports Information Times.
In collusion with a car dealer and an insurance agent, Li forged purchase
documents for expensive cars, with which he secured eight car loans from
different banks, police said.
Aside from the cuts he gave to his accomplices, Li spent all the money on
gambling and personal consumption.
Loopholes in the car mortgage system have caused losses of at least 300
million yuan (US$36 million) in Guangzhou since the financial service was
launched in 2000, said police.
Many insurance companies have stopped selling policies that guarantee car
loan repayment because of the rampant fraud.
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