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August 7, 2010

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Foreign man arrested in embezzlement scam

A SOUTHEAST Asian man has been arrested for helping embezzle more than 200,000 yuan (US$29,542) in company funds with four accomplices, Shanghai No. 2 Intermediate Prosecutors' Office said yesterday.

Prosecutors declined to identify the suspect's nationality and name, only revealing that he worked for a global logistics company.

Though the suspect denied he was involved in the scheme, prosecutors said they have solid evidence against him.

The suspect, 34, was a manager of operations at the firm. He was in charge of checking and approving capital flow at the logistics firm and a freight company since they were owned by the same person.

The suspect conspired with his subordinate, surnamed Xu, and a Customs clearance manager, surnamed Feng, at the freight company in May 2008, prosecutors said.

They deleted part of the Customs clearance record from the freight company's account and embezzled the funds, prosecutors added.

To implement the plan successfully, Feng brought two other Customs clearance staffers into the operation.

The five suspects allegedly embezzled 222,000 yuan from the freight firm within half a year with the foreigner receiving 23,000 yuan from the scam, prosecutors said.

The freight company reported to police after it found the account was amended in November 2008.

The four local suspects confessed to police after they were caught. The Southeast Asian was caught in June at Pudong International Airport when he returned to Shanghai.


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