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Suspect in huge bank fraud returns to China
By Hu Xiaocen |
August 14, 2012, Tuesday
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Print Edition
Print Edition
A SUSPECT in a major bank fraud involving 1 billion yuan (US$151 million) has turned himself in to Chinese police after eight years on the run in Canada, China's Ministry of Public Security said yesterday.
Gao Shan, former manager of a Bank of China branch in northeast Heilongjiang Province, is said to have taken money from customers' accounts between 2000 and 2004.
The ministry said Gao was involved in a swindle involving fake documents and stamps, and fled overseas with accomplices in December 2004.
Earlier media reports said Gao had lived in Vancouver with his family since then until he was detained by Canadian immigration officials on February 16, 2007, for giving false details on his application for immigration.
Gao is said to have fled to Vancouver with almost 600 million yuan. Another 400 million yuan, including luxury real estate and cars, was recovered by the government, according to the Oriental Outlook weekly.
Li Dongzhe, another major suspect in the case, turned himself in earlier this year.
Li, a friend of Gao's, is said to have lured several state-owned companies to deposit huge sums of money in Gao's branch in Harbin City. The money was then transferred by Gao to dozens of accounts controlled by Li. About 500 million yuan in cash was later withdrawn from 29 accounts in 18 banks in Harbin and Daqing, the weekly reported.
The case attracted wide public attention because of the huge sums involved and because most of the money had been transferred abroad.
The Bank of China, other big state-owned banks and the country's financial regulatory system were called into question.
Gao's case also angered Chinese immigrants in Vancouver. The Chinese newspaper there, World News, said such cases had damaged the image of Chinese immigrants. Corrupt officials arriving in Canada were also the cause of surging property prices.
Another Vancouver resident was Lai Changxing, once described as "China's most wanted fugitive." He was implicated in corruption scandals involving a huge smuggling group in the late 1990s.
Lai sent a message of support to Gao after a successful bail hearing in 2007.
After a lengthy extradition battle, Lai was returned to China in July last year and is currently serving a life sentence for his crimes.
Zhou Rongyao, director of the Canadian studies institute at the Chinese Academy of Social Sciences, said earlier that Canada had become a "paradise" for corrupt officials due to flaws in its immigration procedures and its judiciary inefficiency.
A survey by the Ministry of Commerce showed that in recent years about 4,000 Chinese officials fled overseas with US$50 billion. Only a small proportion of the money has been recovered. Only a few of them have been repatriated to China. Most of them are still living the high life in foreign countries.
Gao Shan, former manager of a Bank of China branch in northeast Heilongjiang Province, is said to have taken money from customers' accounts between 2000 and 2004.
The ministry said Gao was involved in a swindle involving fake documents and stamps, and fled overseas with accomplices in December 2004.
Earlier media reports said Gao had lived in Vancouver with his family since then until he was detained by Canadian immigration officials on February 16, 2007, for giving false details on his application for immigration.
Gao is said to have fled to Vancouver with almost 600 million yuan. Another 400 million yuan, including luxury real estate and cars, was recovered by the government, according to the Oriental Outlook weekly.
Li Dongzhe, another major suspect in the case, turned himself in earlier this year.
Li, a friend of Gao's, is said to have lured several state-owned companies to deposit huge sums of money in Gao's branch in Harbin City. The money was then transferred by Gao to dozens of accounts controlled by Li. About 500 million yuan in cash was later withdrawn from 29 accounts in 18 banks in Harbin and Daqing, the weekly reported.
The case attracted wide public attention because of the huge sums involved and because most of the money had been transferred abroad.
The Bank of China, other big state-owned banks and the country's financial regulatory system were called into question.
Gao's case also angered Chinese immigrants in Vancouver. The Chinese newspaper there, World News, said such cases had damaged the image of Chinese immigrants. Corrupt officials arriving in Canada were also the cause of surging property prices.
Another Vancouver resident was Lai Changxing, once described as "China's most wanted fugitive." He was implicated in corruption scandals involving a huge smuggling group in the late 1990s.
Lai sent a message of support to Gao after a successful bail hearing in 2007.
After a lengthy extradition battle, Lai was returned to China in July last year and is currently serving a life sentence for his crimes.
Zhou Rongyao, director of the Canadian studies institute at the Chinese Academy of Social Sciences, said earlier that Canada had become a "paradise" for corrupt officials due to flaws in its immigration procedures and its judiciary inefficiency.
A survey by the Ministry of Commerce showed that in recent years about 4,000 Chinese officials fled overseas with US$50 billion. Only a small proportion of the money has been recovered. Only a few of them have been repatriated to China. Most of them are still living the high life in foreign countries.
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