China / Society

Chinese police crack 815,000 economic crime cases in 5 years

(Xinhua) Updated: 2016-08-18 19:05

BEIJING - Chinese police have cracked 815,000 economic crime cases since 2011, recovering losses 300 billion yuan ($45 billion), according to a statement on Thursday.

Such crimes, including banking card fraud, illegal fundraising and pyramid selling, have "put China's economic security at risk," the Ministry of Public Security said in a statement, adding that these crimes have reached housing, job market, environmental protection, education, elder care, food and medical care.

In the wake of unusual stock market fluctuations in 2015, police launched an extensive campaign, detaining individuals including Xu Xiang, general manager of a Shanghai-based investment company, who was suspected of inside trading and stock price manipulation.

In addition, the police have cracked over 900 cases of underground banks, involving more than one trillion yuan, since 2011, the statement said.

The success of this domestic campaign benefits in part from international cooperation. From 2014 to 2015, a total of 1,688 economic crime suspects were seized in 66 countries and regions. In 2016, 409 suspects have been seized in 60 countries and regions.

The ministry said it has worked with the Interpol and law-enforcement authorities of the United States and Britain.

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