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.

Julie Zhu

January 29, 2016

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).

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