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...