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Chinese man jailed for mortgaging 23 rental cars

A Chinese man was sentenced to 12 years in prison for using 23 rental cars as collateral for loans worth 6.22 million yuan ($952,527), a court said on Friday.

chinese-man-arrestedShi, 35, from Wenzhou city, rented 23 cars, including the luxury sedans Audi R8, Porsche Panamera and BMW 730, from car rental firms and individuals and used them to secure loans between March 2014 and September 2014, Xinhua cited a court as saying.

He was found guilty of fraud, sentenced to 12 years in jail and fined 24,000 yuan, according to the court.

In one case, the convict paid 270,000 yuan to rent an Audi R8 that was worth 950,000 yuan and mortgaged it for 600,000 yuan.

At least five cars are yet to be recovered, according to the court.

Shi was arrested in June 2015 after a number of people reported him to the police, according to the court.

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