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 earlier told FinanceAsia about the matter.
Attention is focused on a branch of Citic Bank in the northwestern city of Lanzhou, which has allegedly long worked with a bill...
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