Bank worker 鈥榮tole 16m yuan鈥
Print Edition
A BANK employee embezzled 16 million yuan (US$2.6 million) from a customer to cover investment losses — and ended up losing that as well, prosecutors said yesterday.
The customer service manager, surnamed Tang, has now been arrested, Minhang District prosecutors said.
It is alleged that Tang figured out the password of his client, surnamed Tao, and looted his account.
Prosecutors said that in 2013, Tang’s mother-in-law gave him more than 3 million yuan and his father gave him 300,000 yuan to invest in low-risk financial products. However, Tang invested the cash in futures and lost the lot.
In order to pay them back Tang transferred 16 million yuan from Tao’s account between February 2013 and February 2014, according to prosecutors.
However, Tang proved no more adept at playing the market second time around, losing the lot after investing in gold and silver futures last April, it is claimed.
Last June, Tang disappeared after Tao’s wife asked him to transfer 10 million yuan and there was insufficient funds.
Tang handed himself in to police on November 28.
The bank involved was not named.
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