Citic Bank uncovers near-Rmb1 billion bill fraud

For the second time in a week, a Chinese bank discloses it is the victim of a scam involving the alleged embezzlement of cashed bills for investment in local stock markets.

Citic Bank uncovers near-Rmb1 billion bill fraud

The spectre of embezzlement in Chinese banking reared its ugly head for the second time in a week on Thursday after China Citic Bank, a unit of China's largest investment conglomerate Citic Group, said it had uncovered a fraud totalling Rmb969 million $147 million. 

The Beijing-headquartered bank said in a filing with the Shanghai exchange that it is cooperating with a police investigation after two people with knowledge of the matter...

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