A Chinese woman allegedly involved in a 2.8 billion yuan ($460 million) bank fraud has been captured in Thailand and returned to China after fleeing the country 14 years ago, the Ministry of Public Security announced on Monday.
Yu Guorong, a former head of the Jiulongpo branch of Bank of China in Chongqing, was charged with siphoning funds from public deposits and illegally releasing loans between March 1989 and October 1998, China News Services reported. Yu fled after her crimes were exposed.
Yu’s crimes led to direct economic losses worth 1.13 billion yuan ($213 million), according to the ministry. They issued a red-notice arrest warrant for Yu via Interpol and sent special teams abroad to investigate. In May, Yu was found in Thailand.
The ministry said that Yu has now been arrested and the case was under further investigation. A significant number of Chinese citizens who have fled abroad with illegally acquired funds over the past decade are corrupt government officials and senior executives from financial institutions and state-owned enterprises, according to a survey by Caijing.
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