Lin Chunping, a rice-trader from Wenzhou, has been sentenced to life in prison after it turned out that pretty much everything about his multi-million-yuan business was complete and utter fabrication. In addition to defrauding companies throughout China, the intrepid Liu went so far as to invent the “Atlantic Bank of America in Delaware” and then buy them out, because that’s what rich businessmen are supposed to do.
Liu is estimated to have defrauded tax authorities of some 190 million yuan, let alone the hundreds of millions defrauded from Chinese companies, as the South China Morning Post reports:
[Lin] was accused of making 1,266 false value-added tax invoices worth 520 million yuan (HK$658 million) and selling them to companies across the country between September 2011 and May last year for profit, Xinhua reported, citing the city’s intermediate court verdict. […]
Lin was also found to have produced false tax rebate invoices worth 850 million yuan, as well as other fabricated vouchers. […]
Lin was hailed last year as a role model by the local government after he claimed to have bought the fictitious “Atlantic Bank of America in Delaware” for US$60 million. Wenzhou, a city in Zhejiang renowned for its entrepreneurs, even made him a member of its Chinese People’s Political Consultative Conference.
If one searched for “The Atlantic Bank of America in Delaware” on Google, only two pages of results appear, all of which are about Lin’s corruption case (also, for some reason, a lot of advertisements for Hugo Boss underwear and cologne). Had anyone in Wenzhou possessed even mild Googling-skillz (and/or Baidu-ing chops) one likes to think that this whole mess would have ended in about ten seconds.