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Exiled Chinese billionaire accused of over $1 billion in fraud in the US

Exiled Chinese businessman Guo Wengui has been charged in the United States with fraud and money laundering over more than $1 billion, the US Department of Justice said on Tuesday.

Guo, a real estate mogul who has been living in the US since 2014, was charged with wire fraud, money laundering, and obstruction of justice.

According to the indictment, Guo defrauded banks and investors in China and the US of over $1 billion by using a web of companies to commit fraud. He is also alleged to have obstructed justice by lying to US investigators about his assets and activities.

Guo is a self-described dissident who has been critical of the Chinese government, and has been living in the US since 2014. He is currently in federal custody and faces a maximum sentence of 30 years in prison.