Director of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin ( $84,478.00 ) Mining Rigs

A Chinese prosecutor is claimed to have specified a thumbs up to the arrest of a stated large details business director accused of embezzling $8 million and employing the money to acquire Bitcoin ( $84,478.00 ) mining rigs. While Li Qunnan has denied the allegations, executives insist their proof implicates him.

Director’s Unsanctioned Use of Money Discovered in November 2021

A prosecutor in Beijing, China, has reportedly accepted the arrest of a former director of a mentioned huge info agency who is accused of applying fraudulently acquired funds to obtain Bitcoin ( $84,478.00 ) mining rigs. According to the company’s filings with Shanghai Inventory Trade, the director, Li Qunnan, is alleged to have embezzled about $8 million (55.53 million yuan) from Zhongchang Massive Information.

As for each just one Chinese language report, Qunnan, a former chairman of Zhongchang Massive Info, is believed to have misappropriated money throughout his tenure as a senior government of the organization. Zhongchang Significant Info claimed it only became knowledgeable of the director’s unsanctioned activities in November 2021 when the company’s new management carried out an “inspection of the subsidiary organizations to standardize the corporate governance.”

Following the inspection outed Qunnan as the offender that experienced been misappropriating cash, the former director is claimed to have despatched a assertion to Zhongchang executives in which he denied the allegations.

Enterprise Funds Utilized to Pay for Hosting Charges

Nevertheless, irrespective of Qunnan’s denial, Zhongchang executives have insisted that he is the perpetrator and have created evidence to guidance their assertion. For instance, the executives allege that amongst January to September 2021, their enterprise compensated for “servers” really worth $4.1 million, but these do not look in its publications. Upon inspection, the servers were discovered to be “Whatsminer mining machine (product: M31S-76T44W), supercomputing server (model S10Pro),” the report claimed.

Moreover paying for the Bitcoin ( $84,478.00 ) mining equipment, Zhongchang claimed the former director also utilized the company’s funds to pay for the internet hosting fees which totalled $3.8 million.

Meanwhile, the report reported Qunnan has refused to cooperate with investigators and is at present assumed to be out of the state.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-successful journalist, author and writer. He has composed thoroughly about the economic troubles of some African international locations as nicely as how digital currencies can give Africans with an escape route.