MAINLAND authorities have recovered just 182 million yuan of 510 million yuan (HK$477 million) skimmed from time deposits in one of China's biggest bank fraud cases.
The arrest of five suspects came at the end of a 19-month probe in which detectives trekked across many provinces and then the United States. Most of the money came from accounts in the Bank of China's branch in Xingyang city, Henan province.
Xinhua said an assistant manager at the bank, Chen Jianmin, and head of the Henan San Ren Enterprise Group Ren Chengjian were accused of fabricating documents to gain access to customers' fixed deposits.
They and their accomplices went 'crazy' once the scam began. Xinhua said they had made 37 transactions which involved 510 million yuan.
They had managed to pocket 347 million yuan and US$1.5 million (HK$11.6 million) but investigators have only recovered 182 million yuan. They believe the gang squandered the rest.
Investigators discovered Chen, Ren and their accomplices had written down a lower amount in the bank's copy of a fixed deposit form. The customer was given a copy with the correct amount shown on it and the gang kept the difference.