Embezzlement

A tech company employee, Li, exploited his position as account manager for a beer company’s marketing campaign to embezzle 6.5 million yuan ($900,000 USD). Li manipulated the system to generate fake winning QR codes, which he and his associates redeemed. The scheme, lasting over a year, was discovered after an audit revealed unusually high prize payouts. Li was found guilty of embezzlement and sentenced to six years in prison with a 100,000 yuan fine.

Shanghai authorities arrested an internet firm executive amid corporate malfeasance concerns. The case involves an executive from a short-video platform, suspected of embezzling 140 million yuan (~$19.4 million USD). He allegedly used shell companies and cryptocurrency laundering, including coin mixing, to hide illicit funds. The platform’s internal audit flagged anomalies in service provider incentives, leading to the discovery. The executive and accomplices fabricated documents for subsidies. Prosecutors traced the funds, leading to convictions ranging from 3 to 14.5 years. Sources suggest Kuaishou is the platform, but official confirmation is pending.