Legal basis: Article 266 of the Criminal Law of People's Republic of China (PRC) defrauds public or private property, and if the amount is relatively large, he shall be sentenced to fixed-term imprisonment of not more than three years, criminal detention or public surveillance, and shall also or only be fined; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years and shall also be fined; If the amount is especially huge or there are other especially serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment, and shall also be fined or confiscated. Where there are other provisions in this Law, such provisions shall prevail.
Explanations of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Specific Application of Laws in Handling Criminal Cases of Fraud Article 1 Whoever swindles public or private property in an amount of more than 3,000 yuan, 30,000 yuan, 100,000 yuan and 500,000 yuan shall be deemed as criminal offences respectively.