A company of one of China's most-wanted fugitives, Guo Wengui, has been fined 150 million yuan (22.3 million US dollars) for fraudulently obtaining loans and bill financing fraud, according to a court ruling issued Friday.

Two employees of Henan Yuda Real Estate Company were sentenced to prison terms ranging from 18 months to two years, and another employee was exempted from criminal penalty, according to Kaifeng City Intermediate People's Court.

The defendants said they committed the crimes under direction from Guo Wengui, who is the "actual controlling shareholder" of the company and fled China under suspicion of multiple crimes in August 2014. He is currently listed under an Interpol "red notice" for wanted fugitives.

The court said that, under instruction from Guo Wengui, the three employees violated regulations and fraudulently obtained loans and bill acceptance worth a total of 1.495 billion yuan. More than 212 million yuan in loans has yet to be recovered.

Employee Zhang Xincheng fraudulently obtained loans and committed bill financing fraud worth 1.435 billion yuan. Guo Lijie and Xiao Yanling committed bill financing fraud worth 60 million yuan.

Their behavior disrupted national financial management order and jeopardized financial security, said the court.

Zhang, Guo Lijie and Xiao committed the crimes under the instigation of Guo Wengui, said the court, adding that they were accessory criminals and could be given punishment with leniency according to rules.

Zhang was sentenced to two years in prison with a fine for fraudulently obtaining loans and bill financing fraud. Guo Lijie was sentenced to 18 months in prison with a two-year reprieve for bill financing fraud and a fine. Xiao was exempted from criminal penalty for voluntarily turning herself in and confessing her crime.

The three defendants and the representative of the company accepted the ruling at the court and said they would not appeal.

On July 12, the Kaifeng City Intermediate People's Court opened a trial for the company's alleged crimes and those of the three individuals.

During the trial, the defendants did not object to the evidence and charges from prosecutors. They pleaded guilty, expressed remorse and thanked judicial organs for the lawful handling of their cases.