According to Article 266 of the Criminal Law of People's Republic of China (PRC), the crime of fraud refers to the act of fabricating facts or concealing the truth for the purpose of illegal possession, and defrauding a large amount of public or private property. "Whoever defrauds public or private property in a relatively large amount 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 particularly 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. "
According to the Interpretation 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, those who defraud public or private property with the amount of more than 3,000 yuan, 30,000 yuan to 100,000 yuan and 500,000 yuan are respectively deemed as "large amount", "huge amount" and "extremely huge amount" as stipulated in Article 266 of the Criminal Law.