Chinese court orders seizure of overseas assets in fake gold loan fraud case

The court also said the overseas properties and funds in the bank accounts sought for confiscation by Weinan prosecutors were illicit gains and other assets related to the case belonging to the two individuals. Except for portions that should be lawfully returned to the financial institutions, the remaining assets are to be confiscated, the statement said.

The court said it issued a public notice after accepting the case. During the six-month notice period, four financial institutions applied to join the litigation, seeking the return of their defrauded funds.

On March 20, the court publicly heard the case, with nearly 30 attendees, including national lawmakers, political advisers and local residents. The litigation rights of all parties, including the suspects and interested parties, were fully safeguarded, the statement added.