- Qin Qisheng was a software programmer at Huaxia Bank in Beijing when he discovered the company’s ATM’s did not properly record withdrawals made around midnight.
- He started withdrawing funds from a fake account that the bank used to test its systems.
- Between November 2016 and January 2018, Qisheng made withdrawals from the ATMs ranging from 5,000 yuan ($US740) to 20,000 yuan ($US2,965), bringing his total to seven million yuan ($US1.03 million).
- Hauxia Bank eventually fixed the loophole, and Qisheng was forced to return the funds to the company.
- Chinese officials pressed theft charges against Qisheng and sentenced him to 10-and-a-half years in prison in December.
A software programmer at a Chinese bank was able to withdraw seven million yuan ($US1.03 million) in free cash from ATMs by finding a loophole in the system.
Qin Qisheng was sentenced to 10-and-a-half years in prison for theft in December, more than a year after launching his ATM scam, the South China Morning Post reported.
Qisheng, 43, was able to withdraw the cash after discovering that his company, Huaxia Bank, in Beijing, did not properly record ATM transactions made around midnight.
In November 2016, he added scripts to the bank’s software so he could test out the loophole without others in the company finding out.
Between then and January 2018, Qisheng made withdrawals from the ATMs ranging from 5,000 yuan ($US740) to 20,000 yuan ($US2,965).
He withdrew the money from a fake account that the bank used to test its systems.
By the time he was caught in 2018, Qisheng had withdrawn about $US1 million, some of which he invested, and some of which he put into his personal bank account.
Hauxia Bank eventually fixed the loophole and offered to drop charges against Qisheng after he returned the money he had withdrawn.
Qisheng told bank officials that he had merely been testing bank security when he took out the money, and that he was holding on to the funds temporarily.
Chinese officials refused to drop charges, and sentenced Qisheng to 10-and-a-half years in prison and a 11,000 yuan ($US1,600) fine.
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