BoCom unveils financial fraud of 200m yuan
Updated: 2006-06-11 09:02
Bank of Communications (BoCOM), one of China's major commercial banks, said
on Saturday that it has found out a financial fraud case involving about 200
million yuan (25 million U.S. dollars) in one of its branches in a recent
"We have found out a case in which customers was defrauded of their money in
our branch in Shenyang, capital of Northeast China's Liaoning Province," said a
BoCOM spokesperson in Shanghai.
The case was exposed when the BoCOM was carrying out a new round of self
examination and having its customer information management system upgraded, said
Initial investigation shows the case involved about 200 million yuan,said the
spokesperson, who gave no further details. However, the bank claimed that it had
immediately reported the case to the police and had taken all necessary measures
to reduce losses.
China's fifth largest lender, the BoCOM was listed in Hong Kong in June 2005
and became the first major commercial bank from the Chinese mainland to be