A 75-year-old woman from Shanghai spent three million yuan (US$450,000) on beauty treatments in a salon, completely depleting her retirement savings before her daughter uncovered the situation.
The elderly woman’s daughter recently sought assistance from a Shanghai television programme after discovering that her mother had exhausted all her savings on beauty services.
The woman, surnamed Yu, had spent her savings at a branch of Yongqi Beauty and Hairdressing Company, as well as a medical beauty institution associated with Yongqi, dating back to 2016.
Yu revealed that the beauty treatments she bought included skin tightening procedures, thread lifting, and meridian massage.
Billing details obtained by Yu’s daughter from the two establishments indicated that Yu also underwent eyebrow and lip tattooing procedures at the salon.
What raised concerns was the fact that the charges for these…
This category refers to crimes committed by employees or insiders against their own organizations. It is often the most damaging because the perpetrator has authorized access to systems.
- Asset Misappropriation: The most common form, involving the theft of company resources. This ranges from simple “skimming” (taking cash before it’s recorded) to complex schemes involving the theft of inventory or intellectual property.
- Payroll Fraud: Employees may create “ghost employees” on the system, falsify their own timesheets to claim unworked overtime, or divert salary payments to their own accounts.
- Financial Statement Fraud: Management deliberately misrepresents the company’s financial health by inflating revenue or hiding liabilities to attract investors or meet performance bonuses.