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28 fraudsters in pyramid scheme sent in jail

(Xinhua)
Updated: 2009-03-23 14:38

BEIJING -- Twenty-eight people have been jailed after a Beijing court found them guilty of involvement in the city's biggest-ever pyramid selling case on Monday.

The accused in the pyramid selling case stand to hear their verdict at a court in Beijing, March 23, 2009. [Xinhua]

The accused, who all worked for the Yilin Wood Company, were alleged to have defrauded investors of 1.68 billion yuan ($246 million) by promising high returns on sales of woodland.

The 28 accused were given jail terms ranging from one to 15 years, said sources with the Second Intermediate People's Court of Beijing. Zhao Pengyun, the main culprit, was sentenced to 15 years in jail and fined 300.34 million yuan ($44 million). Other accused were fined from 200,000 to 70 million yuan.

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