Two Beijing men have been jailed for life for swindling 120 million yuan from a major bank in China's biggest-ever car loan fraud.

Nearly 100 million yuan of the swindled money had yet to be recovered, the Beijing No. 1 Intermediate People's Court heard when sentence was passed on car dealer Chen Zhang, 31, and his chief accomplice Shi Yi, the Beijing Times reported.

Chen, Shi and accomplice Guo Xiaohong fabricated down-payment receipts and purchase contracts on cars in order to secure the outstanding purchase price in bank loans.

Chen, who worked at a Beijing-based auto dealership, signed 237 fake car loan contracts with China Construction Bank's branch in Xuanwu District, Beijing.

Li Wenxue, head of the car loans section at the bank, and bank clerk Zhang Yu helped handle the fraudulent car loans.

Chen and Shi were both jailed for life for fraud, while Guo was given 15 years for fraud, Li 20 years for illegally providing loans and Zhang five years for illegally granting loans.

Source: Xinhua