ANI
12 Aug 2020, 16:07 GMT+10
Beijing [China], Aug 12 (ANI): The arrest of one of China's top bankers, Lai Xiaomin, for taking USD 256 million in cash and gifts has revealed the rampant corruption in the government.
Lai Xiaomin was not only the chairman of China Huarong Asset Management but also served as the Communist Party chief inside the company.
According to South China Morning Post, he was accused of exploiting various professional positions and accepting ill-gotten gains, including money and goods worth 1.79 billion yuan, of which 104 million yuan was eventually not received, between 2008 and 2018, when he headed Hong Kong-listed China Huarong Asset Management and was the director-general of the People's Bank of China's banking supervision department.
He is also accused of embezzling public assets worth more than 25.13 million yuan between 2009 and 2018.
Meanwhile, the Indian Income Tax Department on Tuesday carried out searches on the premises of Chinese entities, their confederates and some bank employees in Delhi.
During the search action, it was revealed that at the behest of the Chinese nationals, more than 40 bank accounts were created in dummy entities, through which credits of over Rs 1,000 crore were entered into over the period, a statement by the Central Board of Direct Taxes (CBDT) said.
Moreover, it was also revealed that the subsidiary of a Chinese company and its related concerns took over Rs 100 crore bogus advances from shell entities for opening retail showrooms businesses in the country.
Further, incriminating documents revealing hawala transactions money laundering with the involvement of bank employees and chartered accountants (CAs) were found during the search action.
The evidence of hawala transactions being done using Hong Kong and US dollars were also unearthed. (ANI)Get a daily dose of Hong Kong Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hong Kong Herald.
More InformationAMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...