A businessman who is a former national model worker was sentenced to life imprisonment recently for financial and contract fraud, Chengdu Commercial Daily reported on Thursday.

Qiao Ping, a resident of Chengdu, Sichuan province, and owner of a biotechnology company, illegally received 59.11 million yuan ($9.7 million) from more than 800 people from February 2007 to December 2010 as investments in a false biotech project he said would return a profit. He also contracted fraudulently with a man surnamed Che, bilking him of 3.88 million yuan. After receiving reports from those defrauded, Chengdu police detained Qiao in December 2010.

In the judgment passed down on Qiao recently by Chengdu Intermediate People's Court, his company was also fined 10.5 million yuan.