First-instance verdict announced for criminal suspect Zhang Qingmin's loan fraud, and Zhang Shumin's illegal proceeds from money laundering are confiscated.

According to CCTV News, on March 27, 2026, the Weinan Intermediate People’s Court in Shaanxi Province publicly delivered a judgment in a case involving the crime suspect Zhang Qingmin for loan fraud and Zhang Shumin for the illegal proceeds of money laundering. The court ruled to confiscate and pursue, in accordance with law, 17 sets of properties and funds in 7 bank accounts purchased in Cyprus by Zhang Qingmin and Zhang Shumin, along with their interest and earnings, and to return them to the victim units.

After trial, it was found that from 2011 to 2016, the crime suspect Zhang Qingmin, together with others, used self-made tungsten-doped fake gold to obtain gold pledge loans from four financial institutions in Shaanxi, Henan, and other places, causing the four financial institutions losses totaling more than RMB 2.7 billion. In the same period, Zhang Qingmin instructed others to transfer the bank funds obtained through fraud into the accounts of Zhang Shumin and her controlled accounts. To conceal and disguise the proceeds of Zhang Qingmin’s loan fraud, Zhang Shumin, in stages, dispersed and transferred more than RMB 1.4 billion in funds from the above accounts to money-laundering personnel’s accounts. Through money laundering, the funds were transferred to places such as Hong Kong, and later, part of the funds was transferred to Cyprus, where they were used for the two persons to purchase properties and make deposits. In May 2016, the two fled abroad.

The Weinan Intermediate People’s Court held that, in this case, there is evidence proving that the crime suspect Zhang Qingmin committed the crime of loan fraud, and that the crime suspect Zhang Shumin committed the crime of money laundering. After the two fled, they were placed on a wanted list for more than one year and did not appear in court