Director of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin Mining Rigs
A Chinese prosecutor is reported to have given a thumbs up to the arrest of a listed big data company director accused of embezzling $8 million and using the funds to buy bitcoin mining rigs. Although Li Qunnan has denied the allegations, executives insist their evidence implicates him.A prosecutor in Beijing, China, has reportedly approved the arrest of a former director of a listed big data firm who is accused of using fraudulently acquired funds to purchase bitcoin mining rigs.
After the inspection outed Qunnan as the culprit that had been misappropriating funds, the former director is reported to have sent a statement to Zhongchang executives in which he denied the allegations.However, despite Qunnan’s denial, Zhongchang executives have insisted that he is the culprit and have produced evidence to support their assertion. For instance, the executives allege that between January to September 2021, their company paid for “servers” worth $4.
Besides paying for the bitcoin mining machines, Zhongchang claimed the former director also used the company’s funds to pay for the hosting fees which totalled $3.8 million. Meanwhile, the report said Qunnan has refused to cooperate with investigators and is currently thought to be out of the country.
How dare he steal from the elite members of the Chinese Community Party.
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