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Closer scrutiny yields sharp fall in bank fraud

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Mainland sees 63pc drop in cases

Mainland commercial banks reported a sharp drop in fraud and irregularities in the first half of the year amid tighter internal controls and more oversight by financial regulators and the central government.

The China Banking Regulatory Commission yesterday said that mainland financial institutions reported 179 cases of fraud and irregularities in the six months, a 63 per cent drop from last year.

Of the fraud cases, 51 involved at least one million yuan, 76 fewer than for the same period last year. The commission said it stopped 76 potential fraud cases through successful monitoring.

Without mentioning the names of the organisations, the CBRC said 216 people responsible for fraud were punished while a further 442 officials were reprimanded.

Fifty manager-level officials were removed from their posts. The Communist Party's disciplinary wing also played a part in the oversight effort.

Gan Yisheng, vice-minister of the discipline department of the party's central committee, said yesterday that nine national banks had been inspected by special teams led by senior party discipline officials.

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