Hangzhou Man Stole More Than 500 Million RMB From US in Credit Card Fraud

Hangzhou Man Stole More Than 500 Million RMB From US in Credit Card Fraud
Mar 03, 2014 By eChinacities.com

A man from Hangzhou named Sun Kuangzhao stole more than 500 million RMB from US citizens in a credit card duplication scam. Sun, who reportedly cannot speak a word of English, found a way to buy credit card information from US websites for between $50 and $70 per card.

Once he had the card holders information he created a duplicate card, which he then used to transfer the funds to his own account. Between January and May 2013, Sun managed to fill his coffers with 513 Million RMB which he then split between his and his girlfriend’s accounts.

Sun was finally caught when US authorities alerted their Chinese counterparts to the fact that money was being stolen from US citizens and ending up in Hangzhou. Upon investigation, Zhejiang police tracked Sun down and took him into custody. He had his day in court on February 18 and is awaiting the verdict.

Source: finance.cnr.cn

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Keywords: more than 500 million RMB from US citizens in a credit card duplication scam

5 Comments

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1

Guest2545528
comment|44403|282836

he is not alone....i'm pretty sure someone was helping him... 80m dollar in a year is quiet alot

Mar 05, 2014 16:24 Report Abuse

2

ghostpayroll
comment|44399|272435

Fry him....

Mar 05, 2014 13:32 Report Abuse

3

icnif77
comment|44394|32863

They can't tell more details, because of copy-cats. That's nearly US$100M. It is dubious, indeed.

Mar 05, 2014 09:11 Report Abuse

4

scwam
comment|44371|105364

Having worked in fraud prevention for the credit card industry, something doesn't jive with this story. The extremely large amount of fraud in such a short period is dubious. How was he "transferring" cash without the pin for a credit card. That simply is not easy for hackers to get on existing accounts. Unless he made a fake ID and went into the banks and got a cash advance. Or had his own bogus business account which would have led to chargebacks anyhow. I don't believe all of this, esp the $80M.

Mar 03, 2014 21:45 Report Abuse

5

bill8899
comment|44370|81937

Will they hang him? He is from Hangzhou.

Mar 03, 2014 20:58 Report Abuse