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Foreign-exchange dealer seized

POLICE have seized a man who traded 8.5 billion yuan (US$1.24 billion) in foreign exchange deals for more than 4,000 clients.

He Jiacai made 11 million yuan in profit, Xinhua news agency reported. He was caught last October in Shenzhen City.

Police in Yangzhou City in east China's Jiangsu Province came across He by accident while investigating an embezzlement case involving a local government official early last year.

Police discovered that the official's wife had deposited money into He's bank account. They checked He's account and found an abnormally large number of transactions.

He, 43, started his foreign exchange dealings in 2003 and his service was popular with people whose children were studying abroad, police said. Parents complained the official foreign exchange quota was insufficient.


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