Police question 4 in 94m yuan fraud
By Angela Xu |
February 21, 2011, Monday
|
Print Edition
Print Edition
FOUR suspects involved in a nearly 100 million yuan (US$15.2 million) embezzlement case in Jiangxi Province's Poyang County have been questioned, while the suspected main culprit is believed to have fled to Canada with his family.
So far, 5.8 million yuan of the embezzled money has been recovered and 31.6 million yuan has been located. County officials did not reveal where they found the money as the case is still ongoing, according to the Oriental Morning Post.
Ouyang Changqing, director of the Poyang County Financial Bureau, and Cheng Sixi, the bureau's deputy director, who supervised the absconder, were both removed from office on February 18 for negligence.
Li Huabo, the head of the economic construction section of the bureau, called Cheng on February 11 admitting that he had embezzled a huge amount of money and had escaped to Canada.
Police set up an investigation group and found Li had embezzled 94 million yuan, which the bureau had in savings at the Rural Credit -Cooperatives Bank.
Li siphoned the money into his own company's account by faking official seals, issuing bogus invoices and providing fake bank statements. He is believed to have done so with the collaboration of Xu Deyang, director of the Poyang branch of the bank from February 2006.
Wu Zhimin, Party secretary and president of the bank, was reported to have been suspended from his post.
The newspaper reported that Li secretly sold his house in the county for 800,000 yuan before the Spring Festival.
He, together with his wife and two daughters, disappeared on January 31. Before this, they told neighbors they would be spending the holiday on Hainan Island.
Li reportedly spent the money on gambling in Macau and on financing his own company.
While pursuing the suspects, the county is also carrying out a thorough inspection on financial conditions of all county departments.
So far, 5.8 million yuan of the embezzled money has been recovered and 31.6 million yuan has been located. County officials did not reveal where they found the money as the case is still ongoing, according to the Oriental Morning Post.
Ouyang Changqing, director of the Poyang County Financial Bureau, and Cheng Sixi, the bureau's deputy director, who supervised the absconder, were both removed from office on February 18 for negligence.
Li Huabo, the head of the economic construction section of the bureau, called Cheng on February 11 admitting that he had embezzled a huge amount of money and had escaped to Canada.
Police set up an investigation group and found Li had embezzled 94 million yuan, which the bureau had in savings at the Rural Credit -Cooperatives Bank.
Li siphoned the money into his own company's account by faking official seals, issuing bogus invoices and providing fake bank statements. He is believed to have done so with the collaboration of Xu Deyang, director of the Poyang branch of the bank from February 2006.
Wu Zhimin, Party secretary and president of the bank, was reported to have been suspended from his post.
The newspaper reported that Li secretly sold his house in the county for 800,000 yuan before the Spring Festival.
He, together with his wife and two daughters, disappeared on January 31. Before this, they told neighbors they would be spending the holiday on Hainan Island.
Li reportedly spent the money on gambling in Macau and on financing his own company.
While pursuing the suspects, the county is also carrying out a thorough inspection on financial conditions of all county departments.
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