Police arrest main suspect in illicit bank network case

Shanghai police broke up an illegal banking network recently that involved 2 billion yuan ($314 million), local public security authorities said on Sunday.

The main suspect, identified only as Ge, 41, is accused of illegally making 2 million yuan in two years before he was detained, China Central Television reported, citing police.

The underground banking network had more than 20 accounts in Shanghai and Zhejiang, Jiangsu and Guangdong provinces, according to investigators from the economic crime investigation division of the Shanghai Public Security Bureau.