China fine tunes laws against loan, credit card fraud

0 CommentsPrint E-mail Xinhua, May 19, 2010
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China outlined the prosecution standards for criminal loan and credit card fraud in a new regulation promulgated by the Supreme People's Procuratorate and the Ministry of Public Security Tuesday.

Cases of loan fraud involving the borrowing from banks of more than 1 million yuan (146,450 U.S. dollars) through deception should be prosecuted, according to the regulation.

Suspects who use forged and expired credit cards to obtain over 5,000 yuan in benefits should be prosecuted, the regulation said.

The regulation outlined prosecution standard for 86 economic crimes.

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